Consolidate super funds.
If you’ve got more than one super account, you could be paying unnecessarily large fees and eating into that cushy retirement lifestyle you’ve always dreamt about. Why not put everything in the one place and start maximising your cash, pronto?
How to switch to Virgin Super.
First, gather your old super statements and take note of any member numbers and fund names you
find. If you can't find them, don't worry, once you're a member we can give you a hand.
Next, do a spot of reading about Virgin Super, and if you like what you see you can join online anytime. When you join, let us know that you want to roll over from another fund. We’ll send you a simple form to complete.
If you’re already part of the Virgin Super gang (nice one!), you’ll need to download and fill in our rollover form (PDF 99Kb) - we need one form for each fund you’re leaving.
How long it takes to rollover.
It comes down to the fund you’re leaving and the time they take to deal with your request. In terms of legalities, at the moment they’ve got 30 days to transfer the dollars.
Beware barriers to changing super funds.
As part of some ongoing industry research, we found that many funds out there make it a little tricky to leave. Don’t take no for an answer! Take a peak at super dirty tricks, and as the scouts always say, be prepared.
Be sure to find lost super.
Head straight to the Australian Tax Office (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).
Once you locate any super, you then have enough info to fill in our
Rollover Form and move it to your Virgin Super account.
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. If this happens and you are a Virgin
Super member your money stays with us however the ATO is informed, and your ‘lost’ record is added
to their register.
PS - why consolidate super?
While some funds out there charge you for leaving them, in the long run you could be saved a whole lot of hassle if you put all your money in the one place:
- Less pain on your wallet – no need to pay multiple fees, many of which could be outrageously high (and eating into your cash).
- You can grow your retirement booty – why risk losing out on dollars that are rightfully yours?
- Less strain on your brain – see all your superannuation in the one spot.
- More control – over your investment strategy that is.