We will establish a temporary staging account in your name with our preferred superannuation provider MLC.
From here we will organise a balance transfer from your lost and inactive super funds.
Once all funds have been received into your temporary staging account, we will transfer the total remaining balance to your nominated super fund.
We use a staging account for efficiency purposes it, allows us to electronically access funds through the superannuation fund network and the Australian Taxation Office in order to consolidate into your nominated account
Your forgotten superannuation is being hit with different fees, such as life insurance premiums and investment and administration fees. Multiple super funds mean multiple fees and premiums being subtracted from your total balance. A number of your super funds may not be invested therefore, you may also be missing out on investment returns.
You may lose any insurance cover attached to the superannuation accounts that you choose to consolidate into. If you are concerned about losing any insurance cover you should check with your current super fund provider to see if these insurances can be replaced or seek advice on how this cover can be maintained.
If you choose to consolidate all of your funds into your nominated account using our service, we charge a once off administration fee of $495. This fee is deducted from the recovered balance of your consolidated funds, so there’s no out of pocket expense.
Why should I Consolidate?
Where can I find my Tax File Number (TFN)?
Your Tax File Number is found on your income tax assessment, correspondence from the Australian Tax Office (ATO) or payment summaries from your employer. Alternatively you can contact the ATO on
13 28 61.