Hi, I’m Storm.
Welcome to our educational video series “Super with Storm”.
If you’re like me and you’ve had quite a few casual jobs, you might have ended up with more than one super fund. Sometimes you can be unaware you even have them. Multiple funds mean you are paying duplicate fees.
So, combining multiple super accounts into one account can help you save money. It also keeps your super organised, all in one place.
So, how do you even find out if you have any lost or old super? And how do you combine them into Student Super?
It can all be done on the Student Super website on the “Find or combine my super” page.
First log into your account, then use the menu to go to the page called “Find or combine my super”. You’ll need to have added your TFN to use this feature.
You have two ways to proceed;
The easiest way is to click “I’m checking for other funds or lost super”. This is a great option if you’re not 100% sure where your super is. It searches for everything - for any lost, inactive or active accounts. I actually do this each year to ensure my super is all in one place.
To use this method, you’ll be asked to do an online identity check. Super is your money, so the security around it needs to be strong. The website will walk you through the identity check. Luckily, you only have to do this once.
Student Super will then connect to the ATO super records. It will show you what accounts it has found and allow you to combine them into Student Super if you want.
Here’s an advanced tip – don’t be too concerned if the balance displayed from the ATO records looks out of date. It often is. The ATO doesn’t update its records very often. If you choose to transfer the whole balance of another account to Student Super, the actual full balance will come across, and not necessarily what’s displayed from the ATO records.
I mentioned there are two ways to proceed -
The second way is best if you know all the details of your other fund. If you do, click this option. You’ll need your other fund’s member number, the other fund’s ABN and their USI. If you are unsure of these, use the first method to find your super.
Just remember to consider changes to your insurance or loss of any other benefits before you transfer your super across. If you have chosen to only transfer part of an account balance, the account will remain open and you could still be paying fees.
And you’re done! That’s another step in getting your super organised.
