Rounding up your super funds has never been easier
We have recently introduced a completely paperless process for Everyday Super to help you find your active and lost super accounts and consolidate them into the one account.
By giving us your permission to find your super accounts, we can let you know the results within just few days. Here’s what you need do (if you haven’t already done so):
- Submit your request via your online account via internet banking or by contacting our Customer Service team on 1800 191 517
- We’ll send you notification of your results within 2-3 days
- When you log into your account your super funds will be displayed
- With a few simple clicks you can confirm which funds you want to transfer
- Generally your money will be in your account within days
If you’ve had more than one job, moved house or changed your name you could have lost super – half of all Australians do – so it’s worth us checking for you. This ‘lost super’ is your hard earned cash and its worth finding it.
We spoke with Cathy Duncan, Executive Manager Superannuation Product and she said that “Australians are unnecessarily adding to their working life by losing their super savings and leaving it with the Australian Tax Office, instead of growing their investment in their super account and perhaps retiring sooner”. The ATO are likely to increase the lost super threshold to $4,000 in December 2015 and $6,000 in 2016. So losing super during your working life could mean you remain in the workforce longer as your retirement balance hasn’t grown as it should have, and if we add the impact of lost investment returns, the time lost could be greater still.
Considering how long it takes to contribute to your super, and the fact you can now find and consolidate your super in a few minutes, it’s well worth checking.
Remember, one of the major benefits of having one account is that it makes it much easier for you to keep track of your super plus you save on fees and charges which can really add up over time if you have multiple super accounts.
However, before combining your super, make sure you check with your other super fund provider (s) to see if you'll pay any exit fees and if your insurance cover or tax situation is affected.