This could be the smartest thing you do all year.

By AMY STOCKWELL.

Most people would chase a few dollars in change that have fallen behind the couch or the car seat, but many people don’t know where thousands of dollars of their own superannuation savings are.

There’s a good chance that you’ve got a few superannuation funds floating around [1]. You may even be the one in two Australians who are the owners of some $18 billion of lost or unclaimed superannuation savings held by the Australian Tax Office (ATO)[2].

Just as an FYI, you should know that this post is sponsored by Australian Super. But all opinions expressed by the author are 100% authentic and written in their own words.

For each superannuation fund that you have, you are paying fees and administration costs. Putting all of your superannuation savings into the same place can save you money on fees – which means more money for you in retirement. Plus, there is the added benefit of actually knowing where your money is. It’s your cash. It’s time to find it and keep it together.

The process is relatively simple. Firstly, work out which superannuation fund you want to keep your savings with. Once you’ve decided who you want to go with, contact them and let them know that you’d like to roll all of your super accounts into their fund. They’ll provide you with some forms to fill out so that they can help you move your money across. Once you’ve got your forms, you get your account number and fund details for each super account you hold from your member statements (just ring all of your individual superannuation funds to get the details of the accounts that you hold if you’ve managed to misplace the paperwork), fill out the forms and send them off to your chosen fund. They will do the rest.

In a feat of remarkable gonzo journalism (and not at all because I felt embarrassed that I was going to recommend that people to do something that I hadn’t done myself), I followed this process to consolidate my super this month.

First, some confessions: I was the original Bad Girl with super – every time I started a new job, I just went with my new employer’s recommended superannuation fund, so I had the same number of funds as jobs that I have held. Plus, these funds had different addresses for me, depending on where I was living when I did that job (and I’ve moved around a lot). I didn’t have statements from each of my funds because they were going to addresses where I no longer live.

So, my biggest challenge was identifying my super funds. I had a general idea of the funds that I had been in (mostly). I rang the ones that I thought I could remember. I rang the payroll department of former employers to find out the names of the funds I couldn’t recall.

I had some pretty awkward conversations with these super funds, for example:

“Hi, my name is Amy. I have been quite bad at keeping track of my super funds, but I think that I have an account with you”.

“No problem. Let’s have a look. Let’s start with your address”.

“Um…my address when I opened my account with you? Er, I think it was [this]. But it could also have been [this]. And the apartment number was either 28 or 25. I can’t remember the postcode.”

“Ok, then. Maybe we should start with where you live now … Do you know your current address?”

Yep, it was that awkward. But the people on the other end of the line were very helpful. I got the sense that they get these questions all the time.

Once I’d given them enough information to satisfy them that I am who I say I am they were able to give me the details that I needed to fill out my forms. No problem. There was nothing uncomfortable about telling those funds that I was leaving – the people I spoke to were very cool about it and didn’t try to nag me to stay with their fund (I’ll admit to being a bit wary of that). I also ticked the box on the forms that gave my (chosen) fund the right to check to see whether I had any ‘lost’ super held with the ATO.

So, half a dozen phone calls later (ok, maybe a few more phone calls), I had the forms filled out and put into envelopes. It took me less than an hour and was entirely painless.

Recently the ATO made the process even simpler. Instead of having to provide a certified copy of your identification (a passport in my case) for each transfer, all you need to do is supply your tax file number to your chosen fund. As long as your address is current with the ATO that’s all the identification you need. Easy.

As with most things that you put off, consolidating your super funds is a lot easier and much less time-consuming than one would expect. And I have a weird sense of achievement (ok, it’s smugness). Consolidating your super funds will make you feel remarkably competent and in control. It was a small part of my life to get organised, but I know that it’s something smart that I’ve done for my future. If everything else goes to pot, at least I’ve got my super sorted.

References:

[1] AustralianSuper conducted independent research through Galaxy Research (November 2012) that revealed 23% of Australian workers have 2 or more superannuation funds. Australian Bureau of Statistics data reveals there are 11.5 million working Australians all of whom will have accumulated superannuation. This means around 2.645 million people have more than one super

[2] Australian Tax Office Annual Report 2011/12

The views expressed in this article are those of Mamamia and do not necessarily reflect those of AustralianSuper (AustralianSuper Pty Ltd ABN 94 006 457 987 AFSL 233788 the Trustee of AustralianSuper ABN 65 714 394 898). AustralianSuper does not accept responsibility or any liability arising from the content of this article, which is of a general nature and does not take into account your personal objectives, situation or needs. Before making a decision about your super consider your financial requirements and read any relevant Product Disclosure Statements. Investment returns are not guaranteed as all investments carry some risk. Past performance gives no indication of future returns.

AustralianSuper can make all the difference to your super savings.

One of Australia’s largest industry funds with more than 2 million members. AustralianSuper offers good long-term performance that can help you save more over the long term. 

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So, do you know where all your money is? Have you ever tried consolidating your super funds?