Once you provide all of the information required to process your rollover, your other fund must process your transfer within 3 days of the date they receive the request.
Having one super account means you only have one set of paperwork to manage.
This could make it easier to keep on top of your super and understand exactly how it’s performing.
You can use the Australian Tax Office (ATO) online services through the government’s my Gov web platform for a full view of your super.
Registered users can find ATO-held super, and also view the details of all your super accounts, including any that you may have lost track of or forgotten about.
The Super Match database currently holds records of: Media Super will not charge you a fee to combine your other super into your Media Super account, but some funds may charge you an exit fee.
It’s a good idea to check your other fund’s statement or website to find out if any withdrawal or termination fees or other penalties apply.Some super accounts default to the ATO after the funds are unable to contact the owner.While the money is safe it isn’t accruing interest or growing, meaning it’s not working as hard for you as it should.Firstly, although BT super funds generally don’t charge exit fees*, some super funds do.This means you could incur withdrawal or exit fees for moving your money out of these funds.Depending on the number of super accounts you currently have, your exit costs could end up being higher than your total savings in administration fees.