Benefits of consolidating
If you have multiple super accounts in the same and different super funds, you could be paying fees and insurance premiums on each account - which all adds up. Consolidating all your super into one super fund account could save you time and money.
Pay fewer fees
One super account = one set of fees
Keep track of your super
One super account will make your super easier to manage
Reduce your paperwork
Step1: Create a MyGov account, then link the ATO to your account. If you already have a MyGov account, just log in and click through to the ATO Section.
Step2: Go to the ‘Super’ tab.
Step3: Choose the fund you want to transfer your money from (called the ‘transferring fund’), and then fund you want to transfer your money to (called the ‘receiving fund’) from the funds listed.
Step4: Confirm your selection and your funds should move your accounts into one Account within three days.
Things you should know
If you request a search, you will be asked to agree to transfer any lost super or unclaimed money held by the ATO into your Suncorp super account. If you don’t agree, we won’t conduct a search for you, but you still have the option to search for and consolidate any super through your MyGov account. If you have another super fund account, you should consider whether it would be better for any ATO held super to be transferred into it instead.
Before deciding whether to consolidate any other super fund account into your Suncorp super account, it is important to check with your transferring fund the potential impacts of transferring your super including fees or charges you may need to pay and loss of benefits, including insurance. You may also want to speak to your employer about altering where they pay your contributions, as this won’t occur automatically as a result of transferring your super.
If you’re eligible to claim a tax deduction for personal contributions, you’ll need to provide a Notice of intent to claim a tax deduction form to your previous super provider before you request a transfer of super from them to us.
We also recommend speaking to a financial adviser before making any decision to ensure that consolidating your super into your Suncorp super account is right for you.