16 October 2009
Consolidating your super
There are numerous benefits to keeping your super in one place. Apart from only paying one set of fees, you will also be able to keep track of your retirement savings easily and choose the most suitable investment strategy for your superannuation.
Knowing exactly where your super is kept will also help ensure you don't have any 'lost' super. 'Lost' or unclaimed super is held by the ATO and can be found by completing a search in your MyGov account. You will just need details of your state and postcode, bearing in mind that these may have changed over time. You can read more about 'lost' super with the ATO here.
When consolidating and rolling over super it is important to keep in mind any exit fees that may apply and to compare the benefits, investment performance and options of all your superannuation funds first to ensure you don’t lose any important benefits, like insurance.
If you do decide to consolidate your super funds, you can do this either through your MyGov account or by completing a Rollover Form available from your superannuation fund provider. These are often available to download from their website. All you will need is the name, address and your member number for the old fund/s.
