Consolidating superannuation accounts

If you do not want your AUSfund account to be sent to the ATO, you can found that approximately one third of all super accounts, roughly 10 million accounts, are unintended multiple accounts created when members change jobs and don’t tell their new employer about their existing super funds, leading employers to create new accounts in their default funds.Much like having your new employer open a new bank account for you in their preferred bank whenever you change jobs, every extra super account attracts fees that eat into super savings and compound costs over the longer term through lost investment earnings.The ATO’s new consolidation program will expand on AUSfund’s long history of successful cross fund matching by introducing auto-consolidation to the full universe of superannuation funds.As eligible rollover funds (ERFs) like AUSfund are designed to look after unclaimed super until it can be returned to members, many accounts automatically qualify as ‘inactive low balance’ accounts.

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When an employer still has outstanding contributions, we refer them to Industry Funds Credit Control (IFCC), our arrears collection agency.Some employers may also ask for a Letter of Compliance or a Complying Fund Statement from Cbus. By law, your employer is generally required to contribute at least 9.5% of your Ordinary Time Earnings (OTE) into your super account.Cbus encourages employers to pay your super contributions monthly.It is estimated that unintended multiple accounts collectively cost account holders .6 billion per year in unnecessary fees and premiums, and consistent under-performance of some super funds & products costs a further

When an employer still has outstanding contributions, we refer them to Industry Funds Credit Control (IFCC), our arrears collection agency.

Some employers may also ask for a Letter of Compliance or a Complying Fund Statement from Cbus. By law, your employer is generally required to contribute at least 9.5% of your Ordinary Time Earnings (OTE) into your super account.

Cbus encourages employers to pay your super contributions monthly.

It is estimated that unintended multiple accounts collectively cost account holders $2.6 billion per year in unnecessary fees and premiums, and consistent under-performance of some super funds & products costs a further $1.2 billion a year in lost earnings.

Combining your super into a single account in a quality fund with a record of strong performance could boost your retirement balance by $79,000 for a 55-year old, and as much as $533,000 for a new job entrant retiring in 2064. https://gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/2. Item 5.46, Explanatory Memorandum to the Protecting Your Super Package3.

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When an employer still has outstanding contributions, we refer them to Industry Funds Credit Control (IFCC), our arrears collection agency.Some employers may also ask for a Letter of Compliance or a Complying Fund Statement from Cbus. By law, your employer is generally required to contribute at least 9.5% of your Ordinary Time Earnings (OTE) into your super account.Cbus encourages employers to pay your super contributions monthly.It is estimated that unintended multiple accounts collectively cost account holders $2.6 billion per year in unnecessary fees and premiums, and consistent under-performance of some super funds & products costs a further $1.2 billion a year in lost earnings.Combining your super into a single account in a quality fund with a record of strong performance could boost your retirement balance by $79,000 for a 55-year old, and as much as $533,000 for a new job entrant retiring in 2064. https://gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/2. Item 5.46, Explanatory Memorandum to the Protecting Your Super Package3.

.2 billion a year in lost earnings.Combining your super into a single account in a quality fund with a record of strong performance could boost your retirement balance by ,000 for a 55-year old, and as much as 3,000 for a new job entrant retiring in 2064. https://gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/2. Item 5.46, Explanatory Memorandum to the Protecting Your Super Package3.

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