Manage my super

 

Changing super funds

You can only change your super fund/s once a year. You would change super funds to:

  • Consolidate your super into one account;
  • Reduce fees;
  • Invest in a fund with better long-term returns, services or features;
  • Get out of a fund that has performed poorly over a 5-year plus period compared to funds with similar asset allocations; or
  • Leave a corporate fund after resigning from your job (a corporate fund generally only accepts contributions from the employer).

Don't rush to change super funds if:

  • You're worried about a negative return - stick to judging performance over five years or more; or
  • You're chasing last year's top performing fund as it may not perform as well in coming years.

Before you change super funds or if you get automatically transferred to the 'personal division' of a super fund when you change jobs, check:

  • If changing funds will affect how much your employer contributes;
  • The impact on your retirement benefit if you're in a defined benefit fund (if you get your employer to put contributions in a new fund, your existing super will still sit in your old fund unless you transfer it);
  • That you're not losing insurance benefits;
  • The exit/termination fees (if any) of your old fund; and
  • The contribution fees for your new fund.

Make an appointment with us to go over your super fund options.

Combining super

When moving from one job to another it's easy to forget or overlook your super. The end result is you end up with two or three or more superannuation accounts. The problem with multiple superannuation accounts is that all accounts incur fees and so, if you continue to hold multiple accounts, you aren't making the most of your super. Before you combine your super accounts, you need to check:

  • The tax implications for you of combining your super;
  • If there are any exit fees applying to any of your accounts; and
  • Whether all insurances and benefits are still covered.

Sports Super will be able to help you through this process. Simply complete the form on the contact us page to get started.

Finding lost super

As mentioned above, when you change jobs it's easy to forget or overlook your super. Thousands of Australians have unclaimed super as a result of changing jobs without checking their super.

So how do you find lost super? You can check whether any unclaimed super belongs to you by using the Australian Taxation Office's (ATO) free SuperSeeker tracing service.

SuperSeeker searches the lost members register, which holds records for all regulated super funds in Australia. It also searches superannuation holding accounts, the unclaimed super register and other ATO records. If SuperSeeker encounters a possible match, it will give you the account and contact details of the fund that may have your lost super. You can then contact the super fund to discuss what you would like to do with those benefits.

We can find your lost super for you, if we have your permission to do so. Complete the contact us form so we can get started on assisting you.

Adding to my super

Your super is the most important source of income when you retire. This is why it's vital that you add to your super when you can. There are two main ways to make extra contributions to your super:

  1. Extra contributions made by you from your after-tax salary; and/or
  2. Salary sacrifice contributions made by you from your before-tax salary by agreement with your employer.


You should consider carefully what mix of before-tax salary sacrifice and after-tax contributions is best for you.

Withdrawing from super

Super is designed to provide you with an income in retirement and is a long-term investment. Government restrictions mean most people can only access their super when they retire. But sometimes the unexpected happens and you might need it on compassionate grounds or because of severe financial hardship. Your super fund or APRA will be able to assist you in the event you need to apply to withdraw from your super account for either of these reasons.

From age 55, you can also access some of your super while you're working with a transition to retirement strategy. This strategy may help you grow your super and reduce your income tax or work less hours.