About three years ago, consolidating your super meant having to contact your old fund and apply to rollover your balance.
For starters, this involved keeping track of all your super and if you wanted to rollover you were faced with identity checks, statutory declarations, application forms and waiting periods—imagine having to do this for multiple funds!
The good news is that things have changed and these days it’s easy. As a result of The Superannuation (Unclaimed Money and Lost Members) Act 1999, all lost super accounts were collated into a register held by the ATO. This means that all you need is your tax file number to find out how many accounts you have, where they are and how much are in each. And if you’re rolling your super over, you don’t have to contact your individual funds – you’ll just need your account number.
Just one extra account could mean less for you
Most of us will have more than one job in our lifetimes. And that generally means having more than one super account.
Over time, the additional fees for extra accounts can erode your super money slowly but surely. And that’s because you may be paying twice, three times—or more—for the same thing:
- Additional fees for every super account
- Extra charges for multiple insurance plans you may not be able to claim on—so you could be throwing money away.
At first a few extra fees may not seem like much. But when you consider how much you could lose over your working lifetime, it may pay to bring your super into one account. In the video above, Karl from AMP talks about the big difference consolidating your super can bring—find out how you could easily end up with thousands more in your hands!
If you’d like to know how much you could end up with use our super simulator. See the difference the money you’re losing in extra fees can make to your balance over time.
What’s the best super fund for me?
When it comes to choosing the right super fund for you, start by finding out why AMP is Australia’s favourite for super1.
But first, consider whether you’ll be charged any fees by your existing super fund and what will happen to any insurance you have if you change funds. Your insurance may be cancelled so be sure you’ll have cover in your new fund that meets your needs. And consider the benefits of your old and new funds, and things like the investment options you’ll have access to.
We make things simple for you
Even if you don’t know the fund names or locations of your super, we can help. Our free super search service is quick and easy.
And it’s available to all AMP customers—all you need is your tax file number and your member number, then when you’re ready, head to the form or call us today on 133 888.
When you consolidate your super with AMP, our technology makes it simple for you to keep control of your super money:
- Digital apps help you keep an eye on your employer contributions as they’re regularly paid into your super account, so you can watch your balance grow
- Super tools like our salary sacrifice calculator can help you look ahead and see the difference a few pre-tax dollars can make to your overall account balance over time.
Find out more about how easy it can be to bring your super together and speak with a financial adviser so you can choose the fund that’s best for you.
1 Number 1 for retail super by FUM according to Plan for Life ‘Market Dynamics Report’, June 2015