Tel: (02) 9633 3300 Facebook LinkedIn
Client LoginAdviser Login
  • Home
  • Who we are
    • Who we are
    • Our Team
      • Simon Clifford
      • Tony Fox
      • Troy McPhee
      • Robert De Ceglie
      • Siboney Corrales-Palacio
      • Ben Atkins
    • 24 hours – A day in the life of Adviser fp
  • What we do
    • What we do
    • Financial planning
    • Financial planning process
    • Gearing
    • Personal insurance planning
    • Redundancy planning
    • Superannuation & retirement planning
    • Self managed superannuation funds (SMSF)
    • Family Business
    • Aged Care – Family & Financial Decisions
    • Information tables, rates & calculators
    • Glossary of terms widely used in financial services
    • General Advice Warning
  • Why choose Adviser fp
    • Adviser fp Client Experience
    • Do you need a financial planner?
    • Your first meeting
    • Five common financial planning mistakes
  • News, Articles and Updates
    • News
    • Financial Knowledge Centre
    • The money needed for a comfortable retirement
    • Buying Life Insurance direct: All is not as it seems
    • The great Australian dream
    • Financially Speaking newsletter
    • Economic Update
    • Financial markets summary & table
  • Contact us
Have you forgotten about your Super…?

Have you forgotten about your Super…?

Date: December 9, 2014

How many super funds do you have? If it’s more than one, chances are you are probably not keeping track of where your super money is invested. In fact, you could even be losing money right now. Consolidating all of your super into one account puts you back in control of your retirement savings and it will save you account-keeping fees.

If you have changed jobs, changed your name or moved house, chances are you may have lost track of where your super is invested. The Australian Taxation Office (ATO) estimates lost superannuation to be worth around $16.8 billion as at 31 December 20141.

By tracking down and consolidating your super accounts, you will save having to pay multiple sets of administration fees. Over the years, this could add up to thousands of dollars towards your final superannuation benefit.

Benefits of consolidating your super

Paying only one administration and/or member fee means additional fees are not eating away your retirement savings. For example, if you’re paying $5 per month in member fees on three different accounts, you’re paying at least $180 per year in member fees.

Also, it’s easier to keep track of the growth of your super savings by having your contributions go into one fund and you’ll receive only one statement or fund update, meaning less paperwork to manage.

Lastly, it allows you to develop a focused and effective retirement investment strategy, as you don’t have a number of neglected, smaller accounts that you lose track of, which get eaten away by fees and inflation.

What should you do if you’ve lost track of your super accounts?

Lost super refers to super accounts where the member has simply forgotten about their account, or their fund has lost track of the member’s contact details. In some instances, there may be super accounts in your name that you didn’t even know existed. In Australia, complying super funds (funds which meet certain Government requirements) are required by law to notify the ATO of lost members.

A member becomes lost when two written communications are returned to the super fund unclaimed. Lost members’ details are given to the ATO and their account balance is held by the super fund until claimed or, depending on the balance, it can be transferred to an eligible rollover fund.

If you’ve lost track of one of your super accounts, you can start by calling the ATO’s superannuation help line on 13 10 20 and choose the lost members’ register option or visit www.ato.gov.au/calulators-and-tools/superseeker and click on ‘quick search’. Make sure you have your tax file number handy. Your financial adviser can also help you track down your super and consolidate it.

Things you should consider

Life insurance Your existing super fund may include life insurance, income protection insurance or other personal insurance. If you want to maintain the same or a greater level of insurance, check with your new super fund if this cover can be established before closing your existing super fund otherwise you may be in a position of having no insurance cover.

Time out of the market It generally takes several weeks to close an existing super fund and transfer the funds to a new super fund. This is because the underlying investments in your existing super fund have to be sold and underlying investments in your chosen super fund purchased. During this time, a portion of your funds are likely to be invested in cash rather than your selected assets. This means if the value of your selected assets rise, you won’t get the full benefit, but if the value drops, you would receive a better return from the cash investment.

Fees and costs All super funds charge fees. The fund’s product disclosure statement outlines the fees and costs associated with exiting your super fund.

Did you know?

The team at Adviser fp is not limited to any one superannuation provider, which means we can provide you with advice on a range of superannuation fund options to provide you with the most cost effective and appropriate fund for your specific needs. Give us a call today on 02 9633 3300 or email us enquiry@adviserfp.com.au for more information.

Source:  Lonsdale Financial Group Ltd I ABN 76 006 637 225 I AFSL 246934 (Sep 2014) Part of the IOOF Group

This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial planner and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.

Share this Story

  • Facebook
  • Twitter
  • LinkedIn
Categories
  • Aged Care
  • Budgeting
  • Business Succession
  • Buy / Sell agreements
  • Capital Gains
  • Cashflow Management
  • Centrelink
  • Certified Financial PLanner
  • Charitable Giving
  • Economic Outlook
  • Emerging Markets
  • End of Financial Year
  • Estate Planning
  • Financial Markets
  • Financial Planning
  • Financial Planning Association (FPA)
  • Goals
  • Income
  • Investment
  • Life Insurance
  • Lifestyle
  • Market Outlook
  • Partnerships
  • Philanthropy
  • Politics
  • Professionalism
  • Property Investing
  • Retirement
  • Risk Management
  • Salary Packaging
  • Savings
  • Sharemarket
  • Succession Planning
  • Superannuation
  • Tax Planning
  • Taxation
  • Uncategorized
  • Wills
Archives
  • March 2022
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • June 2017
  • May 2017
  • February 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
Adviser FP
Adviser fp Pty Ltd is an Authorised Representative of FP Advice Pty Ltd
ABN 30 637 518 533 | AFSL 520310 | Financial Services Guide

Adviser fp Pty Ltd is proud to be an approved FPA Professional Practice

This information is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should assess your own circumstances or seek advice from a financial planner and seek tax advice from a registered tax agent. Information is current at the date of issue and may change.
Copyright © 2022 Adviser fp Pty Limited. All rights reserved.
Professional Practice
  • Privacy Policy
  • |
  • Financial Service Guide
  • |
  • Making a Complaint
  • |
  • Conditions for using this website
  • |
  • Site by wolff