If you have more than one super account then you are paying more than one set of fees on your retirement savings. By combining super accounts you can save tens of thousands of dollars in fees over your working life.
If you change jobs regularly or you have had part-time jobs while at school or university, then it is highly likely that you have more than one super account. On average, every working Australian has three super accounts.
Finding your super accounts
Don’t worry if you haven’t kept track of your multiple accounts. It’s never too late, but you must locate your super accounts before you can combine them into one super account.
Your super fund/s sends you a statement each year reporting your account balance and fund returns. If you’re not receiving these statements and/or don’t know which super funds that you belong to, then you have access to plenty of services to help you find your lost accounts, and increase your super benefits instantly.
- SuperSeeker. Use the ATO’s SuperSeeker service which searches the Lost Members Register and other ATO records, such as unclaimed super money, for your lost super accounts. You can also use the phone service (13 28 65).
- AUSfund. Try AUSfund which looks after the lost super of millions of Australians for some of the largest super funds in Australia. If they have your super, they will find it for free.
- Current super fund. Ask your current super fund if they offer a service for finding your lost super.
- Previous employers. Ask your previous employers for the names of the super funds that received contributions on your behalf.
Consolidate super accounts
You can make a few thousand dollars without working too hard, by locating the details of your super accounts, and starting the process of combining your many accounts into one super fund.
Check that the super account you plan to keep charges reasonable fees. Paying an additional 1% in fees over a 30-year period can reduce your final super benefit by up to 20%. For information on what the different types of funds charge in fees see article Feeding frenzy: super fund fees.
Check whether the super funds that you choose to leave charge exit fees. You may decide to wait until exit fees no longer apply.
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