Now is the time to stay on top of your super
02 March 2021
5
min read
Staying on top of your super now can help you feel good about tomorrow.
Your super is a long-term investment and ultimately what matters is having enough when you retire.
Your super is your money. In Australia, there was $754 billion in total assets in MySuper products at the end of the September 2020 quarter.1
Even after a year of uncertainty, when you may have changed jobs or made other financial changes in your life, looking after your super now means it may look after you later.
There are simple ways you can ensure you are on top of your superannuation money. Here are three steps that may help:
Choose the super fund that is right for you
Most people can choose which super fund they would like their super contributions paid into.
According to the Australian Securities and Investments Commission’s MoneySmart website2, performance, fees, services, investment choices and insurance are among important factors to consider when choosing your super fund.
With QSuper’s award-winning QSuper, you can feel good about tomorrow, knowing you're with a fund that:
- Helps you weather the storm – with an investment strategy designed to be resilient, we're the #1 fund for weathering market ups and downs. 3
- Puts members first – we're Australia's most recommended super fund, voted #1 for member satisfaction with financial performance.4
- Gives you more – our fees are among the lowest in the country, and we strive to keep it that way.5
Consolidating your super means moving all of your super into one account.
By consolidating your super, you may save on two precious commodities – your money as well as your time. That’s because a single account makes your super easier to manage and fewer accounts means fewer fees.
You can consolidate your super in a few simple steps.6
You can simply transfer the balance of your other super accounts into your chosen super fund online through the Australian Taxation Office:
- Go to my.gov.au
- Log in or create an account
- Link your myGov account to the ATO
- Select 'Super' and then 'Manage'
- Select 'Transfer super' (this option will only appear if you have more than one super account).
Alternatively, you may consolidate with QSuper by providing details of your other super fund/s either through Member Online or by completing the Consolidate with QSuper form and we will do the rest.
No matter where life takes you or who you work for, your QSuper account can come with you.
While your superannuation account currently does not automatically follow you from job to job, that is expected to change from 1 July 2021.
Under the changes announced in the Federal Budget in October 2020, the government proposes for you to keep your current super fund when you change jobs.
This is called stapling your super account to you. Stapling aims to reduce unintended multiple accounts.
Employers will get information about your existing super fund from the Australian Tax Office (ATO). If you don’t have an existing super account and don’t make a decision regarding a fund, the employer will pay your super into their nominated default superannuation fund.
While some people may intentionally have more than one super account, many people may have more than one super account without knowing.
If you have other super funds and want to transfer them into your QSuper account so you have one fund only, it is quick and easy to consolidate your super funds.
Take us with you
If you’ve changed jobs, simply take your QSuper account with you
Here's how
1. Association of Superannuation Funds of Australia, Superannuation statistics, accessed 26 February at superannuation.asn.au
2. ASIC, MoneySmart, What to look for in a super fund, accessed 26 February 2020 at moneysmart.gov.au
3. Winner of SuperRating’s Smooth Ride 2020 award. SuperRatings does not issue, sell, guarantee or underwrite this product. Go to superratings.com.au for details of its ratings criteria. Past performance is not a reliable indicator of future performance. Ratings, awards or investment returns are only one factor that you should consider when deciding how to invest your super.
4. Roy Morgan, Superannuation Satisfaction: Satisfaction with Financial Performance of Superannuation in Australia. 6 months to April 2020, n=13,431, Base: Australians aged 14+ with work-based or personal superannuation. 14 largest super funds based on customer numbers.
5. Chant West Super Fund Fee Survey, March 2020. The Chant West data is based on information provided by third parties that is believed to be accurate. Chant West does not issue, sell, guarantee, or underwrite this product. The findings are based on account balances of $25,000 and $50,000. Only administration and investment fees and costs are covered. Fees are gross of income tax. Go to chantwest.com.au for further information about the methodology used and Chant West’s Financial Services Guide. For the QSuper Investment options: Lifetime option Focus 1, Aggressive, Growth and Moderate.
6. Before you consolidate your super, you should check with your other super funds about any fees or loss of insurance or other benefits.