Why Consolidate Super Funds?

Benefits of Consolidating Super

• Save on Fees: Having multiple accounts means paying multiple sets of fees, which reduces your savings over time.
• Reduce Paperwork: Managing one account is easier than keeping track of multiple funds.
• Avoid Lost Super: Consolidating ensures all your super is in one place, making it less likely to lose track of your savings.

Steps to Combine Your Super Accounts

1. Log in to Your myGov Account:
   • Ensure your myGov account is linked to the ATO for easy access to your super details.
2. Check for Existing Super Accounts:
   • Use the ATO’s online tool to view all your superannuation accounts, including any lost or inactive accounts.
3. Choose Your Preferred Super Fund:
   • Select the super fund where you want to consolidate your accounts.
4. Transfer Balances:
   • Use the ATO tool or contact your preferred super fund to initiate the transfer process.
5. Verify Completion:
   • Log in to your super fund account to confirm that the transfer was successful and all balances have been consolidated.

Things to Consider Before Consolidating

• Exit Fees: Check for exit fees or penalties from your current super funds.
• Insurance Policies: Review insurance policies attached to existing accounts to ensure you’re not losing valuable cover.

Consolidating your super funds is a simple process that can have a big impact on your retirement savings. Ensure you compare funds and choose one that aligns with your investment goals.

FAQs

What happens if I have lost super?

Lost super refers to accounts that you’ve forgotten or are inactive. The ATO can help you locate and consolidate these accounts.

Can I consolidate super accounts with different funds?

Yes, you can combine accounts from different super funds. Your preferred fund can assist with transferring balances.