Changing jobs? You don’t need to change your super
Moving into a new role is an exciting time. It’s a period in your life when you will be focused on making sure you do a good job, settling into your role and learning the ropes.
But when you’re finishing up in one position and moving into a new one, it’s important you don’t leave your retirement savings behind too.
This is a problem many Australians face. According to figures from the Australian Taxation Office, there’s about $16 billion worth of lost and ATO-held super.* That’s an awful lot of cash and some of that could belong in your rightful hands, helping to build a great lifestyle in retirement.
People switching jobs and forgetting about their old super account is one of the main reasons there’s so much money in lost and ATO-held super.
This has a real impact on the quality of their retirement.
Don’t let this happen to you. If you’re changing roles, it’s really easy to ensure your super is safeguarded by taking your super account with you. Usually, your new employer will ask you if you have a super account when you first start with the organisation. This is your chance to let your new employer know you would like your super contributions paid into your Suncorp WealthSmart Super or Everyday Super account by giving them a form.
In fact, if you do have a number of funds, now’s the time to think about combining your super in one place. Having only one fund generally helps to lower the fees you pay on your super, which also assists to maximise your savings when you do leave work for the last time.
It’s also easier to keep track of one fund rather than multiple funds, which gives you confidence you know exactly where your retirement savings are held.
We can help you bring all your super together with our Rollover tool. If you have all your details handy you can fill out the online request in around 3 to 5 minutes. Once processed it will take a few days to have your money transferred to your chosen super account. Tempted? Jump online and try it out for yourself
If you can’t find your other super fund details, we can help find your super for you too.
Before moving your super you should consider: any fees payable (e.g. for exit or withdrawal), where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to your investments and tax position.