Superannuation Help

Hide combine your super Three simple steps…
1. Choose your super fund
Not sure what super fund that suits you best? Why not compare 'apples with apples' with the online comparison tool of independent super researchers Chant West.

2. Find lost super
Track down any lost super with the help of the Australian Tax Office. You can use your Tax File Number (TFN) to search their free online service – SuperSeeker or call 13 28 65.

3. Combine your Super
Transfer all your super into one account. In many cases you will only need to contact the super fund you want to transfer everything into and, once you have given them the details of your other funds, they will do the work for you.

Tip: Check carefully if any of the super funds you plan to transfer your super out of have excessive exit fees. If you are not sure contact them and ask them to confirm in writing to you if there will be any penalty.

Tip: Double check any insurance you may have in your existing funds. Now is a good time to check what level of death, total and permanent disablement and income protection you may need. Often it can be cheaper to buy insurance through your super fund and most funds offer it.

For more information click here. Hide combine your super

Hide sorting out your super 1, 2, 3, 4 and you're sorted.
1. Choose your super fund
Not sure what super fund that suits you best? Why not compare 'apples with apples' with the online comparison tool of independent super researchers Chant West.
2. Find lost super
Track down any lost super with the help of the Australian Tax Office (ATO). You can use your Tax File Number (TFN) to search their free online service – SuperSeeker or call 13 28 65.
3. Combine your Super
Transfer all your super into one account. In many cases you will only need to contact the super fund you want to transfer everything into and, once you have given them the details of your other funds, they will do the work for you.
4. Tell your new employer
Tell your new employer which super fund you want your super paid into. You will need to fill in a Choice of Fund form which you can get from your fund or the ATO.

Tip: Check carefully if any of the super funds you plan to transfer your super out of have excessive exit fees. If you are not sure contact them and ask them to confirm in writing to you if there will be any penalty.

Tip: If your new employer is not familiar with your super fund you may need to give them a Fund Nomination Form. This is generally a standard letter from your super fund that confirms they are a fund that is eligible to receive contributions. Most super funds have them on their website and all you need to do is print it out and give it to your employer with your Choice of Fund form.

Learn more about choosing a super fund Hide sorting out your super

Hide find and compare super Not all super funds are the same, here are some key differnces
Industry fund vs retail fund

Super funds are commonly referred to as 'industry' and 'retail' funds. But what is the difference?

Industry funds were established to benefit their members and profits are returned to members not shareholders. So they generally charge lower fees. Industry super funds may cover a specific industry or, like AustralianSuper, accept members from any industry, workplace or profession.

Retail funds are commercially operated super funds and master trusts. Generally they are offered by large financial institutions such as banks, insurance companies and wealth managers, and any profit is split between members and shareholders.

Fees

Check what fees are charged, such as administration, contribution (fees charged when money goes into your account), investment management or commissions and exit fees. Just a small difference in fees can have a big impact on how much you can save. Check your last statement to see what fees you are paying on your current funds, or get your comparison report.

Long-term investment performance

The investment return your fund achieves is one of the most important factors for building your super. Short-term investment performance can be misleading, so look for a fund with sound investment performance over at least a 5-year period.

Insurance

If you are employed, then you will probably have death cover as part of your current super arrangement. You may also have Total & Permanent Disablement cover and Income Protection. These insurances protect your most important asset – yourself.

Compare the cover you currently receive with what is offered by other funds, not just price but how much cover is provided. Ask if the cover is provided automatically when you join, or if you have to provide medical information.

Other services
Consider the types of services that are important to you, such as online access to your account details, knowledgeable call centre staff, regular communication and education, and financial advice. Are they part of the overall fee charged or do you have to pay extra? Get your free comparison report now. Hide find and compare super

Hide fees and how to keep them low What sort of fees are there?

The main fees relate to the cost of administering/managing your account and the cost associated with investing your money.

Some of these fees are called administration fees, account keeping fees, member fees, asset fees, contribution fees, exit fees, withdrawal fees, member protection fees, adviser fees, switching fees, investment management fees.

Where can I find out what fees a super fund charges?

Every super fund must have a Product Disclosure Statement (PDS). This is the document that details all of the features of the super fund including all of the fees. You should receive one before you join a super fund. If you can't find it, contact your fund and ask them for another one, or visit their website – they will probably have a section on fees or you may be able to download a copy of the PDS.

How do I figure out what I need?

Think carefully about which of the features and services you realistically will use. Ask yourself things like do I really need over 100 investment options to choose from? Do I only need 10? Why should I pay an asset fee? What do I get for it? And why should I pay a contribution fee to put my super in a fund? Do I need an adviser? And if I do would I prefer to pay for them on a fee-for-service basis so I know exactly how much I am paying? What do I get for my administration fee?

How much should I pay for the things I need?

Once you have thought about the things you actually need, look at each of the super funds you have or are considering (check out their websites or their PDS) and compare the things they charge you for and how much they charge.

How can I get help?

You can go to an adviser who, for a fee, should be able to recommend a super fund to meet your needs. But be careful to choose an independent adviser as most of them are associated with big banks and can only recommend from a limited list of super funds. Typically this list does not include industry funds and many of these funds have low fees and good long term investment returns.

Free independent comparison.

There are a range of companies that offer independent comparisons between a large number of super funds. One of these is Chant West who have an online tool called Apple Check. AustralianSuper offer access to this tool free of charge or obligation.

Hide fees and how to keep them low