Consolidation and Lost Super
It is important to consolidate your lost superannuation accounts for a number of reasons. One and perhaps the most obvious financial reason is to avoid paying duplicate administration fees.
The Australian Taxation Office (ATO) has a great online tool called Lost Super Search to help you find and locate any lost Superannuation you might have if you are unsure. Please visit their website for more information.
Most superannuation funds also offer a service to find and help you consolidate your superannuation.
Some old superannuation accounts may even have been rolled over to an eligible rollover fund (ERF) without your knowledge already. It would be worthwhile for you to check by visiting the APRA website that lists all ERF’s and their contact details. You can also search all relevant ERFs on this website. The ATO website also has some useful information on locating your lost superannuation.
Things to consider before you consolidate
Before you consolidate your superannuation accounts you need to consider whether there are any benefits attached to these such as insurance benefits. Most superannuation funds take out insurance to ensure their members are covered for total and permanent disablement (TPD) or death. Some also have insurance for temporary disablement (TTD) in the form of income protection
When you are thinking about consolidating your superannuation accounts you should also think about the impact of this on your insurance situation as there may be multiple insurances connected to each of your superannuation accounts.
You should evaluate the benefits of these insurance policies compared to the premiums you are paying to make sure that you do not lose your access to valuable insurance benefits when consolidating your accounts.
You should always check your situation and circumstances prior to authorising anyone to consolidate your superannuation accounts.
If you need assistance with your superannuation claims or you are considering lodging an insurance or superannuation claim please contact us on 13 43 63 or via our online enquiry form for an obligation free assessment of your situation. Alternatively visit us at any of our Queensland offices in Brisbane, North Lakes, Logan, Ipswich, Toowoomba, Gold Coast, Sunshine Coast and Cairns.
Get to know our superannuation and disability claims solicitor
Adam Tayler is a Partner in Turner Freeman and managers the Brisbane and Cairns offices. Adam specialises in disability insurance and superannuation claims and he is also the manager of Super Claims Australia which is a Superannuation & Disability Claims specialist business conducted by Turner Freeman Lawyers.
Adam has authored various papers and presented to many legal education programs involving Workers Compensation and Insurance. Adam is a committee member of the Queensland Branch of the Australian Lawyers Alliance.