Get it together for smoother super
If you’ve ever changed jobs, chances are you may have more than one super account. At VISSF, it’s easy to combine any other super accounts you have into your VISSF account. We can even help you ﬁnd it by performing a free search if you have lost your paperwork, or are unsure which funds hold a super account balance for you.
Just go to vissf.com.au/forms-you-need
• If you would like us to search for any lost super you may have, use 'Search for my Super'
• To transfer your balance from a different fund into VISSF, use 'Transfer whole of beneﬁts between funds'
You should check with your other fund/s whether they charge any exit or withdrawal fees for moving your beneﬁts or if you will lose any beneﬁts upon withdrawal, including any insurance entitlements for death and/or disablement.
Top reasons to get your super together
Having more than one super account can make it hard for you to see just how much super you've got. By combining your accounts you'll:
- Pay just one set of fees, which could make a signiﬁcant difference to your retirement savings over time.
- Know exactly how much super you have, with less chance of losing touch or missing out on your hard-earned savings.
- Control your position, making it easier to manage your investment strategy and reach your goals.
- Save time because with only one set of paperwork to keep track of you can concentrate on watching your super's progress.
By law, super funds have to transfer any lost or inactive accounts to the Australian Tax Ofﬁce (ATO). This means affected account holders could lose any insurance cover they had and potentially earn less interest on their accounts than if it was invested in a super fund.
The best way to make sure your super doesn’t end up with the ATO is to keep your contact details up to date. Let VISSF know today if any of your details have changed. Contact our Client Services Team or login to Member Online.
This article was taken from the Spring 2014 edition of VISSF Super Views:
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Image Source: José Carlos Cortizo Pérez, Creative Commons 2.0