How to combine your super accounts

How to combine your super accounts (and stop getting mail from old funds) in about an hour and a half.

Note you don’t have to go with your new employers super fund (although most people do as that is the easiest option). You can tell your new employer your existing fund details and they will pay into that fund.

Required

  1. A letter from your proposed super fund with membership number (from home)
  2. Letters from your old super funds with membership number (from home)
  3. Proof of who you are (from home -drivers licence or passport PLUS government notice such as notice of assessment)
  4. Rollover form to your proposed super fund (either 1.(preferred) ask payroll/your boss or 2. get from Super Fund website)

 How to combine your super funds into one account

 Phase 1: Get member number & fund name of all super accounts.

Find letter from proposed super fund (where you want the old super funds transferred to)– 10 minutes

Find letters from old super funds – 15minutes to 1 hour

 Phase 2: Find/ Complete rollover form

See example of Hesta formExample Super Fund transfer form (writing the personal info highlighted in yellow then photocopying will save you a bit of time)

Find form from Super Fund website – 15 minutes (it could take way longer as the super sites I’ve looked at are pretty hard to navigate- but maybe they have a forms tab?)

Complete all info except fund details – 10 minutes (orange highlighted of Example Super Fund transfer form)

Photocopy form – 5 minutes

Find/Photocopy passport & drivers licence – 10 minutes

Find old super fund name, member number – 10 minutes (green highlighted of Example Super Fund transfer form)

Phase 3: Check if any are missed on superseeker (ATO) (OPTIONAL) – 10 minutes

http://www.ato.gov.au/individuals/content.asp?doc=/Content/16442.htm

If yes, then complete another form if needed.

Phase 4: Fax/Mail/Lodge via web – 15 minutes

(note you may wish to keep a photocopy of forms sent so that you can monitor which have been actioned when you receive letters from old super funds)

And that is all you need to do.

THE     END

P.S. See below for how this worked for my flatmate (and how long it took me).

 My guinea pig (real life example)

My flatmate has 5 different super accounts.  My mission (should I choose to accept it) is to roll over these accounts into one account.

Phase 1: Get member/account details of all accounts.

Turns out flatmate has the following super account:

  1. Hesta (the one her current employer puts into and she wants to keep)
  2. MLC (previous job)
  3. UniSuper (previous job)
  4. Host Plus (previous job)
  5. IOOF (previous job)

 Athough one of these accounts only has $18 in it – I figure if it stops them sending mail then GOOD!

Time taken: say 25 minutes (from flatmate)

 Phase 2: Find/ Complete rollover form

Found the website for www.hesta.com.au (the flatmates preferred super). Found the rollover form.

It is actually surprisingly difficult to find the ABNs for all the super funds (partly because all the super funds have a different company who is the manager of the money). Although note on the Hesta form providing the ABN is optional.

Although an ABN is usually listed – it is usually the trustee of the fund rather than the fund itself.

Time taken: Find form – 20 minutes

Fill out form, photocopy – 15 minutes

Lookup Super fund ABNs, etc. & complete for 5 super funds – say 40 minutes

Phase 3: Check if any are missed on superseeker (ATO) (OPTIONAL)

The Taxation office website allows you to check any super that you may no longer get letters for because you moved address.

http://www.ato.gov.au/individuals/content.asp?doc=/Content/16442.htm

none for flatmate.

Time taken – 10 minutes

Phase 4: Fax/Mail/Lodge via web

Sent in Hesta form by mail – in 4 weeks flatmate had received all letters advising her super money had been transferred.  Mission Accomplished! !

Posted in Superannuation

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