With just one fund to keep track of, consolidating your super also makes it easier to keep tabs on your super throughout your working life, so you potentially won’t miss out on any superannuation savings in retirement.
Consolidating your super means transferring over multiple balances into a single super account.
The easiest way to find your other fund details is by reading your super account statements.
All super funds are required by law to provide you with an annual member statement following the end of the financial year on 30 June, but some funds may send statements every six months or on a more frequent basis.
This is a process that can involve a bit of paperwork as you need to inform each fund in writing about your plans to consolidate.
These forms should be available on each super fund’s website.
You should contact your super fund to find out if there are any fees or costs for moving your super or other loss of benefits such as insurance cover.
It is important to find out if you can get the same level of insurance cover in your chosen super fund.
Media Super has a flexible range of insurance benefits available including arrangements to transfer cover to Media Super.
You can use the Australian Tax Office (ATO) online services through the government’s my Gov web platform for a full view of your super.
Registered users can find ATO-held super, and also view the details of all your super accounts, including any that you may have lost track of or forgotten about.
This can be a good way of combining super at the same time as submitting forms to join the fund.
Before making a decision to combine your superannuation, you should consider any penalties such as exit fees, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser.