There’s nothing like a bit of spring cleaning to make you feel fresh, clutter free and most of all, organised! We often clean our houses this time of year, but do we consider organising our superannuation?
According to the ATO, as at 30 June 2017, Victorian superannuation holders had a total of $3.6 billion dollars’ worth of lost or unclaimed super. And of those who work tend to have more than one super account, with the 36 – 45 age bracket having the highest number of 3 or more accounts.
While this is an incredible statistic, combining your superannuation funds has never been easier and can have a noticeable impact on your retirement.
The benefits of consolidating your super
If you’ve ever changed your name or job, chances are you have more than one account. By consolidating your super, you will:
- Pay one set of fees and charges
- Find it easier to keep track of your super
- Find it easier to manage the investment options in one fund
- Have one insurance policy, rather than multiple that may not pay out. Just ensure the insurance policy you hold is up to date and meets your needs
But how do I know which account is best for me?
With the help of an independent third party you can get an unbiased snapshot that compares the funds’ investments, fees, insurance, member servicing, administration and governance.
The comparison tool can be found by clicking here: https://www.visionsuper.com.au/about-us/compare-vision-super
Now that I've chosen Vision, how do I roll my money in?
Logging in to Vision Super’s online account will allow you to search for all other super funds and the results are available in seconds. Not only will it show the companies holding your super, but it will also contain an approximate balance (as at 1st of July that financial year), whether you have insurances contained in that fund, and all the account details for your external super fund(s).
If you’re ready to consolidate, please be aware that the exiting fund may charge you withdrawal or exit fees and if you choose to leave, you may lose any insurance entitlements held in that super account, and it may impact other existing entitlements you may have.
If you’re having issues logging in, we can perform this check and rollover over the phone by calling one of our friendly Member Services consultants on 1300 300 820.