Consolidate my super
Consolidate my super
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Save time and money by rolling multiple super accounts into the one fund
According to the Australian Taxation Office (ATO)1 there are around 4 million people with two or more super funds across Australia at this time. If you’ve had one or more employers prior to working for the SA public sector, it’s likely you do too.
Especially if you went with the fund each employer offered when you started working for them. Having multiple super funds isn’t the end of the world but the reality is you could be eroding your super balance over time. This means there may be less in your super than you’d like when you stop working.
1 Note: Figures are based on member data reported by funds to the ATO for the year ending 30 June 2020.
The advantages of consolidating superannuation
By consolidating your super you could:Save Money
Fewer funds means less fees. You could save hundreds of dollars each year or thousands over a lifetime. Save on fees. You may gather more compound returns over time.
Save time
Having fewer funds is easier to keep track of. You have less paperwork and it is easier to track how much super you have. You’ll have so much less to read.
Have better control
Fewer super funds means you can more easily manage your investment strategy to better suit your needs. Set up the future you really want.Before you leave a fund, check to see if you have any insurance through the fund. This might be life, total and permanent disability (TPD), and/or income protection insurance.
If you change funds, you might not be able to get the same cover. If you're not sure, speak to a financial adviser.
See how consolidating super may help you over the long-term
Meet John |
Meet Jenna |
|||||
|
Super Account |
Balance |
Fees |
Super Account |
Balance | Fees | |
|
#1 |
$50,000 |
$490 |
#1 |
$150,000 |
$1,330 |
|
|
#2 |
$50,000 |
$515 |
||||
|
#3 |
$50,000 |
$780 |
||||
|
Total |
$150,000 |
$1,785 |
Total |
$150,000 |
$1,330 |
|
|
With 3 super accounts in play at the same time, John is racking up $1,785 worth of fees each year.
This means he’s saving less. John may also earn less compound interest within his super over time. |
Having consolidated her super accounts, Jenna has only one fee to pay each year. At the end of the year, Jenna is $455 better off than John. Jenna is saving more and may earn more compound interest over a lengthy period of time. |
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How to consolidate your super into a single fund
At Super SA, we know you’ve got a lot going on. A simple way to consolidate your super accounts is through linking your myGov account with the ATO.Then, you can consolidate your super accounts online in the click of a button. Visit your myGov account to consolidate your super now.
Alternatively, you can consolidate your super through Super SA.
How to consolidate your super through Super SA.
Before you consolidate your super
With Super SA, consolidating your super is a cinch. But before you go ahead and roll in to Super SA, there’s a few things you should do.Double check your benefits
Before you consolidate, just double check with your super fund/s on how rolling out may have an impact on your insurance cover.Speak to a financial planner
Your super is unique to you, and it may be one of the biggest investments you’ll ever make. We encourage you to seek financial advice before making any big decisions.
Need to find lost super?
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Can I roll my super out of Super SA after I've rolled it in?No, not while you’re still employed by the South Australian Government. Also keep in mind that any part of your rollover subject to preservation before it was transferred to Triple S will remain subject to the Commonwealth Government’s preservation requirements.
You also need to consider if you have insurance or other benefits with the funds that would cease if you rolled your money out. If you would like more information, contact our Member Services team now. Alternatively, sign up for one of our seminars/webinars.