Consolidating your superannuation

We understand as people we do not like change, and consolidating your superannuation may be new to you and that is why we are here to keep it simple and support you.

You’ve had a few jobs over the years and been paid superannuation during each one. You have a number of super funds and you forget all about them until the annual statements arrive by mail or pop up in your inbox. Now you feel worried and confused. What does it all mean? Have I got them all? Is my money still safe? Am I paying for multiple insurance policies? What should I do with all this paperwork? And the worst one – am I paying too much in fees?

The usual option is to simply forget about it until next year and then you go through all that confusion again. But there is a better way and if you act now you can sort it all out and potentially save a lot of money.

Here’s a 5 step process to locating your old super accounts and consolidating them into one fund.

Step 1

Collect all the superannuation statements you can find from your “bottom drawer” or print the latest from each of your online accounts.

Step 2

Make a time to meet with your financial adviser to go through the paperwork.

Step 3

Seek advice and select one superannuation fund that suits your needs.

Step 4

Sign transfer forms so your adviser can get the accounts rolled over to your chosen fund.

Step 5

Relax knowing that your super is all in one place.

At Hejaz Financial Services, we can find your old accounts for you by running a search with the ATO. If you’re looking to move your current super, you can also request a rollover by applying online (if you’re not yet a member) or by sending in our fact find form. We’ll get in touch with your other fund to transfer your super across.

Superannuation is too important to ignore. Getting your super under control can save you money in fees, cut down on paperwork, allow you to get an investment strategy in place, and help you keep track of your money.

The Australian Securities and Investment Commission (ASIC) reports that there are billions of dollars sitting in unclaimed or “lost” superannuation accounts with thousands more accounts added to the list each month. Inactive accounts with balances of less than $6,000 are transferred into the federal government’s consolidated revenue fund, so if you think you might have some old superannuation accounts that you haven’t touched in three years, don’t hand it over to the government, claim it!

Visit the ATO website for more information or check your MyGov account at www.my.gov.au.

Learn more about Australia’s Best Performing Islamic Super Option FY19/20* here.