My Superannuation is all over the place in multiple funds
Anna started working in hospitality when she was 16 years old and has worked for a number of different companies since. She always signed up for the Employers preferred super fund, as it was the easiest option. This meant that by the time Anna was 28, she had multiple super accounts with various amounts in each.
This was never an issue for Anna – she’d been paid her super, so it didn’t matter to her that she had multiple funds – out of sight, out of mind! Little did Anna know that she was actually paying fees for each super fund, and fees for multiple insurance policy fees. This meant some of her super accounts were actually losing money from all of the fees.
As Anna had also lived in various houses, she wasn’t receiving all of her mail, so she lost track of how many super funds she had. She hadn’t kept records, so she wasn’t sure how to go about finding her lost super, or how to consolidate it.
Things to consider...
The ATO has now made it much easier to solve the issue of lost super. In July 2019, a new rule was implemented which means that all super funds are required to report and pay inactive low-balance super accounts to the ATO. Where possible, the ATO will proactively consolidate inactive accounts into active super funds on your behalf. Your lost or unclaimed super may also be held by your super fund (as a lost member), or by the ATO as ATO-held super.
The general “low-balance inactive account” criteria refers to accounts that
- haven’t had money paid into it within the last 16-months, and
- has a balance of less than $6000.
Super Equity is also able to manage this process on your behalf. We know it can be a daunting task to track down your lost super, then decide where to put it. Our advisors will do a super search and consolidate your super into one account for you. Having one super fund with one set of fees and a higher balance means you are likely to be able to grow your retirement fund much faster. You could also save thousands of dollars over the lifetime of your superannuation membership by consolidating your Super into one fund
With Super Equity’s Personal Super fund, you can take control over how your money is invested. Our advisers take the time to gain insight into your own personal situation so they can tailor an investment strategy with the right mix of Shares, Property, Fixed Interest and Cash to suit your investment goals. Having a specialist do all the research for you is key to getting the best returns.
NOTE: Any advice or information in this article is of a general nature only and has not taken into account your personal circumstances, needs or objectives, therefore, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.
Whats right for you?