Chances are you wouldn’t, and yet that’s exactly what happens with lost super. If you’ve had a couple of different jobs in your lifetime, you will most likely have a couple of superannuation funds floating around out there too.
According to The Association of Superannuation Funds of Australia (AFSA), having only one super account compared to say two or three can save you $100 or more a year in fees. Not to mention less paperwork being sent to you by each fund on a regular basis and peace of mind knowing where all your retirement savings are. So why wouldn’t you consolidate?!
Where can you find lost super?
If you know you have existing super accounts but don’t have any statements to check details, it may be considered ‘lost’. Or you may have super accounts you have totally forgotten about. The good news is that if you know your Tax File Number (TFN) you can easily trace any lost superannuation benefits by using the Australian Taxation Office’s SuperSeeker tracing service by either…….
- Phoning them on 13 28 65, or
- Using their online service which you can access via the ATO website or via this link;
How do I consolidate benefits?
Once you have found all of your benefits, you then need to consolidate them into the one fund. This is where we can help you to make an informed decision about which fund is best for you. It’s then a very simple process to complete the necessary transfer forms to consolidate all of your superannuation benefits for ease of management and ongoing review, and to reduce ongoing fees and charges.
Don’t forget these important considerations however…..
Compare the costs, risks and benefits:
Before you start consolidating, make sure you check what the costs associated with each of your funds actually are, and compare them against each other. It’s also important to check if there are any benefits – such as insurance – attached to any of these funds, as these benefits will be surrendered upon you closing an account.
Check if any withdrawal fees apply:
It’s a good idea to confirm with your other funds whether any withdrawal or termination fees apply upon closing your account, to avoid any unwelcome surprises.
Be aware of any investment or tax implications:
Everyone’s situation is different, so make sure you understand what the tax liabilities may be and how your investment strategy could be affected as a result of consolidating your super.
If in doubt, ask! We will be more than happy to assist you.