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Consolidate superannuation

Check out Sunsuper's simple, easy to use glossary of all the different terms you might come across when researching superannuation. Find a clear and simple definition for anything relating to consolidating superannuation, from finding lost superannuation to choosing a super fund.

 

Choosing a superannuation fund

Most people are able to choose the super fund they want their employer to pay their superannuation into. Your choice of super fund is important as you trust your super fund to hold your money until (and possibly throughout) your retirement. It is important to consider and compare funds’ fees, investment options and performance, and other services such as financial advice and education that may be included as part of your membership. There are many reasons to consider choosing Sunsuper as your super fund, and it’s easy to join in under 5 minutes. We can then help you transfer your other super accounts into your Sunsuper account.  

 

Find lost superannuation

If you’ve changed jobs and started a new super account you may have lost track of some of your super. Your super is your money so it can pay to track down any lost superannuation and combine it into your main super account. Sunsuper can help you find your lost superannuation instantly and guide you through combining it with Sunsuper account. You’ll likely save on fees, reduce your paperwork and find it easier to make the most of your super for the future.  

 

Unclaimed superannuation

Super funds are required to transfer unclaimed superannuation to the Australian Taxation Office (ATO). Unclaimed superannuation includes accounts of members who have a super balance less than $6,000 and have been inactive on their account for more than 12 months and the super fund can’t contact them. Sunsuper can help you find any of your unclaimed superannuation that may have been transferred to the ATO and guide you through combining it with your Sunsuper account. 

 

Transfer superannuation

Transferring your superannuation to another fund is also known as a rollover, rollin or consolidation. Sunsuper can help you find your other super accounts and guide you through combining them with your Sunsuper account. If you already know the details of your other super accounts, our easy rollover tool can guide you through rolling them into your Sunsuper account.

 

Consolidate superannuation

Consolidating superannuation is the act of combining or rolling all your super funds together into one account. Consolidating your super accounts will likely save you paying multiple sets of fees to different super funds, and will allow you to better keep track of your super and make the most of it for the future. Sunsuper can help you find your other super accounts and guide you through combining them with your Sunsuper account. If you already know the details of your other super accounts, our easy rollover tool can guide you through rolling them into your Sunsuper account.

 

Low balance inactive accounts

In early 2019, federal Parliament passed legislation which requires that any low balance inactive super accounts be transferred to the ATO. The ATO will help reunite any amounts transferred with members' active super account. This change aims to prevent members with inactive low account balances from having their super eroded by fees.

Under the new rules, Super-savings accounts with a balance under $6,000 must generally be transferred to the ATO unless the member has in the previous 16 months:
Received a contribution, rollover or automatic transfer from another fund, Made an investment choice, Changed their insurance cover, Made or amended a binding beneficiary nomination, or Provided written notice to the ATO or to Sunsuper that they do not wish for their Sunsuper account to be transferred. The first transfer to the ATO will be made on or before 31 October 2019.