The Productivity Commission recently released a report highlighting the problem of Australian workers having multiple super accounts. It estimates that holding one additional account over a working life could cost $51,000 at retirement.
The Government has now announced proposals to transfer all super accounts with a balance below $6000 that have not received a contribution for 13 months to the ATO. The ATO will then use data matching to consolidate these accounts with members’ active accounts.
This is scheduled for 2019. But why wait until then to get your super in order? You can find your lost super yourself and start growing your retirement balance today.
Four easy ways to find and consolidate your super
- 1 Search the ATO
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.
You can find out more at https://www.ato.gov.au/Individuals/Super/Keeping-track-of-your-super/
- 2 Talk to your main super fund
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. Check your fund’s website or call them to ask how they can help.
- 3 Claim directly from your old fund
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. Check the fund’s website or call them to ask how they can help.
- 4 Find super held in AUSfund
AUSfund is a special type of superannuation fund known as an Eligible Rollover Fund (ERF). More than 35 super funds transfer their members’ inactive and unclaimed accounts to AUSfund. Its purpose is to look after money transferred from these super funds and use data matching to reunite balances back to members’ active accounts.
While your super is with AUSfund, your money is invested with the aim of delivering a competitive return. Fees are low and unlike most super funds, no insurance is offered (saving you an unnecessary cost).
You can search AUSfund for your lost or inactive super at https://ausfund.com.au/search-for-super/search-unclaimed-super/
This article is brought you to you by Industry Fund Services.
Industry Fund Investments (trading as AUSfund)
ABN 17 006 883 227, AFSL 229881 as the Trustee of Australia’s Unclaimed Super Fund, RSE L0000413
The information in this article is general information only and does not take into account your personal financial situation or needs.
Before deciding whether to move or rollover your super, you should read the relevant Product Disclosure Statements (PDS) and consider whether you should speak to a financial planner. A copy of the PDS for AUSfund is available from www.ausfund.com.au.
Remember also to check with your superannuation provider about any fees and charges, or loss of insurance or benefits that may apply before transferring your accounts.