Consolidating Superannuation Funds

• Saving costs by paying only one set of fees – You pay administration and other fees on each super account you have. Over time, the additional fees for extra accounts can erode the money you have in super. When you consider how much you could lose over your working lifetime, it may pay to bring your super into one account.

• Reducing your paperwork – One fund means only one set of paperwork (such as annual statements, fund reports).

• Ease of tracking – There is less chance of ending up with lost superannuation accounts if you only have one to keep track of and only one fund to tell if you change your address.

• It is easier to manage your investment strategy if you have one account rather than having your super spread across several funds and in a variety of investment options.

Before you consolidate – important considerations

• Some funds charge an exit fee for you to transfer your super into another fund. This fee can be quite high.

• Will you be able to get the same level of insurance cover in your chosen fund?  You may lose insurance benefits so be sure you will have cover in your new fund that meets your needs.

• Sometimes it is not possible to transfer your money out of an account (for instance, if you are in a defined benefit fund).

• You may actually want more than one super fund. The main reasons for this are to take advantage of inexpensive insurance in a certain fund or to increase the variety of investment options.

• Can you employer contribute to your chosen fund?

How to consolidate your super

Here are some simple steps to help you find lost super and get on top of your retirement fund.

Blueprint Wealth has created a series of three videos to help you locate your superannuation online.

Find Your Superannuation Part 1

Find Your Superannuation Part 2

Find Your Superannuation Part 3

You can also consolidate your accounts at any time by using one of the below options.

1. Complete your transfer online

This is an easy and quick way to move all of your super into one account. You will need your tax file number to find out how many accounts you have, where they are and how much are in each.  If you are rolling your super over, you do not have to contact your individual funds – you will just need your account number.

Step 1: create a myGov account then link the Australian Taxation Office (ATO) to your account.

If you already have a myGov account, log in and click through to the ATO section.

Step 2: go to the ‘Super’ tab. In this section, you can:

• see details of all your super accounts, including any you have forgotten about
• see details of all your super, including super the ATO is holding on your behalf

Step 3: choose the fund you want to transfer your money from (called the ‘transferring fund’) and the fund you want to transfer your money to (called the ‘receiving fund’) from the funds listed.

Step 4: confirm your selection and your funds should move your accounts into one account within three days.

For more information, go to the ATO website.

2. Use the ATO’s paper rollover form

Step 1: download a rollover initiation form from the ATO’s website

Step 2: complete a form for each fund you are transferring a benefit from

Step 3: send the form to the fund you are moving your super money into

Step 4: the fund you have chosen to move your super money into then contacts the other fund and requests the transfer

Step 5: the other fund must transfer your super money within 30 days (for paper requests). Exceptions apply. See the ATO website for more information

3. Contact your fund

You can contact either the fund you want to move your money into or your current fund to let them know you want to consolidate your accounts. Many funds provide a service where they will consolidate accounts on your behalf. Check your fund’s website for further details.

Find out more

To find out more about consolidating your super and for superannuation advice, contact us today. At Blueprint Wealth, we offer financial advice that is right for you, no matter what stage of life you are at.