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Retail Superannuation

What is it?

Put simply, superannuation is government legislated savings that ensures 9% of an employee’s annual salary is invested in a superannuation fund. These savings cannot be accessed until the employee hits the mandated ‘release’ age that is usually between 55 and 60 years. Upon retirement, the funds can be converted into a tax-free income stream.

Consolidation is Best

The more jobs you have, the more super funds you might have. That means more administration fees and more chance of losing one. So, here’s a little advice for free. The first steps to consolidate your super are:

  1. Obtain statements or member numbers of all your funds. If you get stuck try calling up your ex-employers for details then call the super company directly. If all else fails, try tracking it down at the ATO’s lost super website:

    http://www.ato.gov.au/individuals/content.aspx?doc=/content/33301.htm&alias=superseeker

    You should also ask the super providers what insurances you have in your existing funds.
  2. Once you have a list of super fund names and member numbers you need to decide which fund you will consolidate them into. It could be an existing fund or a new one. Our advisors can help you decide what’s best for you. You should also have appropriate insurances approved and in place before closing or rolling over any existing super accounts because once you do so you will automatically cancel existing insurances in these cases. Rollover forms and appropriate paperwork need to be completed and sent off to the funds you are closing down.
  3. The rollover process can take up to six weeks after which, all of your funds will be consolidated into the one account. The final step is to notify your payroll at work to begin paying your employer super contributions into the super account you wish to keep.

What Superannuation Is Best for Me?

There are a dizzying array of options with an equally dizzying array of insurance add-ons, reporting, online access and fee structures available in the market. Thankfully,our professional financial advisorscan help you cut through the detail and determine a superannuation policy best suited to your lifetime objectives.

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