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Moving your super into one account may help you to save on fees and make managing your super easier.
Here are some simple steps to help you find lost super and get on top of your retirement fund.
Why it makes sense to consolidate your super If you’ve worked for more than one employer there’s a good chance you’ll have more than one super account. While opening a new account when you start a job can make sense at the time, down the track it can mean you end up paying multiple sets of fees and have accounts all over the place.
This document has been prepared by Falcon Capital Limited, AFS Licence 302538, in association with MCCA Ltd, based on its understanding of current regulatory requirements and laws as at 30 September 2014.
This is an easy and quick way to move all of your super into one account.
You will need your tax file number to find out how many accounts you have, where they are and how much are in each.
That generally means having more than one super account.If you already have a my Gov account, log in and click through to the ATO section. In this section, you can: Step 3: choose the fund you want to transfer your money from (called the ‘transferring fund’) and the fund you want to transfer your money to (called the ‘receiving fund’) from the funds listed.Step 4: confirm your selection and your funds should move your accounts into one account within three days. Step 1: download a rollover initiation form from the ATO’s website Step 2: complete a form for each fund you are transferring a benefit from Step 3: send the form to the fund you are moving your super money into Step 4: the fund you have chosen to move your super money into then contacts the other fund and requests the transfer Step 5: the other fund must transfer your super money within 30 days (for paper requests). See the ATO website for more information You can contact either the fund you want to move your money into or your current fund to let them know you want to consolidate your accounts.Once the transfer is completed, you can view your combined funds by logging in to your Member Online account, then clicking on ‘Account Activity’ in the menu board.Your transfer will be displayed as a ‘Rollovers / Transfers in’ transaction.
To apply, please complete our Insurance Transfer Form and wait for confirmation of acceptance of the insurance prior to requesting to consolidate your super balance. Important Insurance Transfer Form Are your employer super guarantee contributions already being paid to NGS Super?