Four million Australians have more than one superannuation account.* If you’re one of them you could be paying unnecessary fees and charges that reduce how much you could retire on. All it takes to consolidate your super is submit our simple form (click 'START' above).
Before you begin you may wish to talk to your financial adviser or one of our smartCoaches. And you may like to review the four key issues in consolidating your super that we've outlined below.
What you will need
What to consider when consolidating your super accounts
Cover with your other super fund will cease. But smartMonday can usually transfer that insurance over, so apply for that first.
Want a tax deduction for personal contributions? Lodge a notice of intent to claim with that fund before you close it.
We won't be able to stop the transfer if you later change your mind.
Combining your super with smartMonday? Make sure your employer directs your contributions to us as well. Use our Choice of Fund form.
Insurance in superannuation can be a complex topic. Be sure to review your super Product Disclosure Statement and check out the moneysmart.gov.au site for more information https://moneysmart.gov.au/how-life-insurance-works/insurance-through-super.
Before making a decision to consolidate super accounts you should consider seeking personal financial advice and review your financial needs, objectives, and goals and ensure that the insurance cover in your primary fund is adequate for your needs. Any insurance cover available in your secondary fund may be cancelled as a result of the consolidation unless you apply to transfer that insurance into your smartMonday account – subject to acceptance by our insurer.
* Australian Taxation Office, June 2020 data.