Consolidating your super.

• Q. Why should I consolidate?
  • A. Consolidating is merging all your super accounts into one, and chances are if you've had more than one job, you'll have more than one super account.  With multiple accounts you may be paying multiple fees.  Save yourself and dosh and make some room in that filing cabinet for one super statement per year instead of ten.
    
    Remember, you've worked for it; now make it work for you! Do you really want your hard earned cash working for someone else?
    
    You may need to track down every bit of super you’ve ever earned, even from that burger flipping job.  But it's worth it.  Remember.  Some funds will charge you for leaving them – so if you're not sure, call your fund to clarify or have a chat with an independent financial advisor.
• Q. What's the difference between forgotten super and lost super?
  • A. Forgotten super.
    Super you've forgotten about but hasn't yet become officially 'lost'.
    
    Lost super.
    Super becomes 'lost' only when your fund can no longer contact you and when the fund reports you as a 'lost' member.  A fund will report you as a 'lost member' in the following situations:
    1. your account’s been inactive for two years or more (inactive means no-one has put cash in it)
    2. you’ve changed mailing address and your fund has received two or more 'return to sender' letters.
• Q. How do I find lost super?
  • Head straight to the ATO website ato.gov.au and use their SuperSeeker tool to find lost super. It only takes a minute, and you just need your Tax File Number handy. (If you’d rather do it over the phone, call the ATO on 13 28 65).
    
    If you’re wondering what makes super ‘ lost’, it’s if there’s a super account in your name that hasn’t had any deposits made in five consecutive years, or if your super fund gets a couple of return-to-sender notices after they’ve tried to reach you. When this happens, the ATO is informed, and your ‘lost’ record is added to their register.
• Q. What do I do when I've found lost super?
  • A. Celebrate!  You’ve been reunited with your lost cash.  Then switch it over to yourVirgin Super account!