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Like Vegemite and toast, your super may be better together
Some things can be better when they’re together. Your super is no different. Consolidating your super into one account could help you avoid paying multiple fees and make things easier for you in the long run. But like Vegemite and toast, it might not be for everyone.
Let’s dive into the benefits of consolidating your super and what to consider before you get started.
Three reasons to consolidate your super
1: Lighten your daily load
Life comes with enough admin. Reducing the number of super accounts means less paperwork (like annual statements and reports) and less upkeep (like updating your address).
2: Could pocket more with one account
Every super account comes with its own costs. Consolidating your super means you’ll only pay one set of fees — could potentially save you thousands in the long run.
3: Keep track of your retirement savings
Having your super in the one place makes it easier to keep track of your balance. Get a clearer picture of how much you have in retirement and reduce the likelihood of lost super – bonus!
Things to consider before you get started
Consider which super fund is right for you
Fees. Performance. Investments. Sustainability — there’s a lot to think about when choosing a super fund. Take the time to find the right fund for you before consolidating.* Need help getting started? You’ll find a handy explainer on retail versus industry funds here.
Look over your insurance cover
Before combining your super, make sure your new fund offers the insurance cover you need — like life/death insurance, total and permanent disability (TPD) and income protection. This is particularly important if you are aged 60 and over or have a pre-existing medical condition. Any insurance cover that you may have from the fund will be cancelled when you close the account.
Keep your employer in the loop
It’s important that you let your employer know where to pay your super. If your other super fund account is receiving contributions from your employer, you’ll need to completing a fund nomination form and give this to your employer so they can re-direct your super contributions to your new account.
Planning to make tax deductions
If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund, before you consolidate your super into another fund.
Know your fees
It’s important to familiarise yourself with the fees that need to be paid — and the ones that don’t. It is worthwhile giving your super fund a call to make sure there is no charges for exiting the fund. As of 2019, super funds are no longer allowed to charge exit fees for moving all or part of your super, however there may be other charges.
Here’s how to consolidate your super with Rest
If you are a Rest member you can find and combine your super in the Rest App or through MemberAccess. If you aren’t a Rest member simply head to myGov (my.gov.au) and they can help you find and combine your super. To make it easy, we’ve broken down the steps for you.
Log in to the Rest App. Make sure you’ve got the latest version (3.2.0 or above) installed. You can download it here.
Click ‘Combine your super’ and follow the prompts to find and combine your super.
Did you know?
Managing your super is easier than ever with the Rest App. In addition to consolidating your super, you can check any insurance and update your details with just a few clicks.
*Check out the fees and costs of your other funds plus any benefits that would be lost, such as insurance cover. Make sure your other fund knows about any contributions you intend to claim a tax deduction for, before combining. If you have any questions, it’s a good idea to have a chat with a licensed financial adviser or visit MoneySmart.gov.au for more information.
Want to learn more?
How to nominate a beneficiary
You can decide where any remaining super should go in case something may happen to you.