| If you roll over your other funds and consolidate them into MTAA Super you will have only one super account and one set of fees. You will save time and money, allowing you to focus more on your investment strategy and keep better track of your super.
Combining your super funds is done in three easy steps:
1) Start by gathering the details of all your other funds - you should have statements.
2) Fill in a rollover form for each one – you can request a form from our contact centre on 1300 362 415 or download one from our website at www.mtaasuper.com.au.
3) Send your completed forms to MTAA Super and we will contact the other funds and arrange the transfers for you.
Before you go ahead and consolidate your funds you need to make sure that it is the right thing to do. It may even be worthwhile to seek some professional advice. Sometimes it might not be possible to transfer all your money into a single fund or it might not be a good idea.
Before closing your current superannuation account you should consider the following:
• any exit fees
• any possible reduction in benefit if you leave before retirement
• any possible loss of other valuable benefits such as insurance.
You should make sure your insurance arrangements with MTAA Super are adequate before you close your other super accounts. One way of doing this is to apply for pre-approval of your insurance with MTAA Super.
You should make sure your insurance arrangements with MTAA Super are adequate before you close your other super accounts. One way of doing this is to apply for pre-approval of your insurance with MTAA Super.
Need to find some lost super?
If you think you might have lost track of any of your super, finding it is easy and there are several ways you can go about it:
• Go to the Australian Tax Office (ATO) website at www.ato.gov.au
• Call the ATO on 13 28 65
• Go to the AUSFund unclaimed super website at www.unclaimedsuper.com.au
• Call AUSFund on 1300 361 798
Starting a new job? Some super tips:
Take your MTAA Super account with you – that way you won’t accumulate multiple funds and lose track of your super. In most cases your new employer will ask you to choose where you would like your contributions to go. Take control and if possible keep your contributions going into the same fund.
Think about doing some topping up. Your employer will be making contributions on your behalf but that may not add up to enough for a comfortable retirement. Making some contributions of your own can significantly boost your retirement savings over time. For more information about adding to your super, MTAA Super has a fact sheet called “Making Extra Contributions” that you can download from our website at www.mtaasuper.com.au or request from our call centre on 1300 362 415.
Other things to consider
Make sure you have adequate insurance. It’s a good idea to review your insurance needs from time to time. Having the right level of insurance cover for your personal circumstances will help provide peace of mind for you and your dependants.
Nominate beneficiaries for your super so that your wishes will be taken into account in the event of your death. MTAA Super offers the ability to make a “binding” nomination in order to provide greater certainty about who receives your benefit.
Do you understand how your super works?
MTAA Super holds presentations across Australia that are open to anyone, free of charge–you don’t even have to be a member to attend, so bring your partner or a friend. We offer the kind of general information that everyone needs to know.
You should come away from the seminar with a better understanding of how taxation works on super and how you can make your savings even more effective through salary sacrificing or voluntary contributions.
You can find out more about the dates and content of the MTAA Super seminars by visiting www.mtaasuper.com.au or by calling us on 1300 362 415. |
MTAA Super workplace presentations
For employers, it’s easy to arrange a presentation in your own workplace, and each presentation is tailored specifically to your staff. Just tell your Business Development Manager (BDM) the subjects you would like to see covered, and they will put together a special presentation for you. It might include for example, insurance, making extra contributions and consolidating super—there are a range of topics that can be discussed, so talk to your Business Development Manager about what your employees are interested in. Call us on 1300 362 415 to be put in touch with your local BDM |
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