Do you have super accounts in multiple super funds? Have you left super behind when you’ve moved houses or jobs?
By finding and consolidating your super into one account, you can save on fees and help to grow your retirement balance. You’ll also make it easier to keep track of your account and stop your super from being sent to the ATO as lost super.
Remember to check with your superannuation provider about any fees and charges, or loss of insurance or benefits that may apply before transferring your accounts.
Here are three easy ways you can find and consolidate your super.
Sign up for myGov and link your myGov account to the Australian Tax Office (ATO) service. You’ll be able to see details of your super accounts held by most super funds in Australia. You can also consolidate your accounts and claim any lost super that may have already been sent to the ATO.
Many super funds offer a SuperMatch service to help their members find their other super accounts. SuperMatch searches the ATO database to find your accounts for you, and automatically claims any super held at the ATO.
You will need to provide your fund with your Tax File Number and your permission to search for your super on your behalf. Your fund will let you know the results of the search so you can choose whether to transfer any other super accounts into your main account.
If you already know about your other accounts, your main fund can help you consolidate these. Many funds offer an easy method to consolidate super online, or you can give your fund details of your other accounts and ask them to arrange the transfer for you. This can be especially useful if you have lots of old accounts you want to consolidate.
You can apply directly to your old fund to transfer your super and close your old account by sending them a request to transfer (or rollover) benefits to another super fund. Funds may have different forms or requirements depending on the type of transfer or claim you want to apply for, such as transferring to another super fund, a Self-Managed Super Fund or a New Zealand KiwiSaver account.
Unclaimed money isn’t just limited to superannuation. There is over a billion dollars of unclaimed money from lost bank accounts, shares, investments, life insurance policies, deceased estates and other types of money from financial institutions and companies.
The Australian Securities and Investment Commission’s (ASIC) MoneySmart website provides a searchable database for money classified as unclaimed from banks, building societies, credit union, life companies, friendly societies and registered Australian companies.
You can also search for unclaimed money held by State or Territory governments and agencies. Companies must send unclaimed monies to the State or Territory they are located in which may be different to where you live so it’s worth searching agencies outside your home state.