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Consolidate your Super

 

Lost track of your Super?

Not sure how many Super accounts you have?

Tired of receiving multiple Super statements?

Sick of paying fees on multiple Super accounts?

Find it "too hard" or "too confusing" to roll over?

Been meaning to "get around to it" for too long?

Don't know where to start?

 

If this sounds like you, then we have great news!

PlanSmart can finally take the time, effort and confusion out of consolidating your Super, and take care of all the hard work for you.

If you have ever changed jobs, then chances are that you have more than 1 Super account. Our Super Consolidation service will:

  • Help track down and reunite you with any old or lost Super accounts

  • Provide you with easy to understand comparisons of each of your fund's features

  • Ensure you don't make the mistake of rolling out of the wrong funds and losing important benefits, such as insurance through Super

  • Consolidate your Super into one easy to manage account, reducing paperwork

  • Implement the right investment strategy according to your investment timeframe and needs

  • Give you access to a professional Adviser to look after your needs going forward

  • Provide you with ongoing reviews and regular updates as required
With thousands of products on offer, we know that Super can be a little overwhelming. Contact us and let the professionals put in the time and effort for you, so you can spend time doing the things you enjoy!

 

Frequently Asked Questions

Can I choose my own Super Fund?

Most Australian workers are entitled to choose where they would like their Super contributions to be paid. When you start your new job, if you want your Super to be paid into a particular fund, all you have to do is give your employer the details of your chosen Super fund together with a copy of your fund’s letter of compliance.

Most employees are also allowed to change their choice of Super fund once every 12 months, so it’s never too late to consolidate your Super into one easy to manage account.

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What are the benefits of having just one Super account?

If you have more than one Super account, you’re paying more than one set of fees. Over time, this could be thousands of dollars wasted on fees. Plus, when you have multiple Super accounts, it’s much harder to keep track of and properly manage your retirement savings.

By having just one Super account you’ll stop paying unnecessary additional fees and have more money in your account. More money means a higher earnings base and more for you to enjoy when you retire.

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Are there any things I need to consider before I consolidate?

Insurance benefits - Before you consolidate, you should review your insurance arrangements. Most people generally have some form of default insurance cover with their Super. If you have three Super funds and three lots of default cover, if  you become entitled to a payout, you’ll generally get a paid from each of your three insurance policies. But when you consolidate your Super, your insurance cover in the funds you consolidate will lapse and you’ll be left with only one lot of insurance cover. When you consolidate, you may need to increase your level of cover to ensure you’ll have enough if and when you need it.

Exit Fees – Some funds charge an exit fee if you move your money into another fund, which is why you need to consider the implications of the transfer.

Selecting the right Super fund – When people do consolidate, they generally roll their Super into the fund that they are currently contributing to. While this is the easiest option, you might like to compare all the funds before deciding. Which one has the right fee structure? Which one has the right insurance cover? Which one has the best member benefits? Which one provides the right investment strategy for your needs, goals and objectives?


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What do I need to do to consolidate my Super?

Of course, PlanSmart is happy to look after all of the hard work for you, but if you would like to consolidate your Super yourself, here are the steps involved:

1. Track down all your different super accounts. If you’ve lost contact with your old funds or have no idea where your money is, there are a couple of ways you can find them:
-    Search the ATO’s Super Seeker website - www.ato.gov.au/superseeker. You will need your name, date of birth and Tax File Number.
-    Contact your old employers. They’ll be able to tell you where they paid your Super entitlements.

2. Once you have the details of your accounts, you will need to research them in detail to ensure that you are making the right desicion when choosing the one you would like to keep. This involves looking at product features, fees, insurance options (and your needs), and investment options.

3. Once you have decided which one you would like to keep (or open a new account to roll them all in to), you need to fill in a separate consolidation form for each account you wish to roll over. You can usually download consolidation forms from your chosen fund’s website or you can contact them and ask them to post it to you.
 
4. Send your completed forms to your chosen Super fund together with certified copies of your identification (your driver’s licence or passport is usually the easiest).


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Synchron

PlanSmart Pty Ltd (ABN 15 142 298 208) Authorised Representative (No. 345551) of
Synchronised Business Services Pty Ltd T/as Synchron ABN 33 007 207 650
Australian Financial Services License No. 243313

Disclaimer: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, PlanSmart Pty Ltd will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should seek advice or satisfy themselves independently of the appropriateness of such action.