Do you, like many Australian have multiple superannuation accounts? If so you are most likely paying multiple fees or having your super even handed over to the government as lost super. If you do have multiple accounts or have lost super you are not alone, the ATO holds $18 billion in lost superannuation and Australians are estimated to hold up to three superannuation accounts.
How do I consolidate my super?
The government has recently made it easier for you to roll over you super. The best way to consolidate superannuation accounts is to register with the myGov website (www.my.gov.au). The myGov website will allow you to link all of your government interactions in one place. Once registered, you can link your profile to the ATO website and then view the details for all your superannuation funds. The myGov website also has the functionality for you to rollover or consolidates all your superannuation (within three business days).
If you do not want to register for myGov, your superannuation fund will be able help you to locate your lost superannuation and consolidate it for you. This approach can be completed by either calling your fund or completing the required forms on your fund’s website.
Why consolidate my Super
The main reason to consolidate your super is to save on fees, instead of paying three sets of fees. These fees can be quite substantial and eat into your future retirement benefits. By consolidating you can execute one investment strategy and know that your super is invested to meet your needs and risk profile.
If you need help in reviewing your superannuation contact our office and we will point you in the right direction.