Tip #1 - Make sure to have plenty of time spare, you'll need to contact each superfund individually. We find that this can take up to and over an hour for each superfund.

Tip #2 - Have ready access to a printer and scanner. Additionally, be prepared to get your ID certified by a Justice of the Peace, often multiple copies.

Tip #3 - Superfunds employ tactics to stall your transfer or keep your business at all costs, be prepared for the fight.

Tip #4 - It's always a good idea to compare funds to see if you're getting the best deal possible. Ensure to ask each superfund about their fees and performance and compare it to the fund that you're transferring too.

Tip #5 - Investigate the insurance you hold in each superfund and carefully plan your consolidation so not to lose coverage.

DIY Guide

Put as much time as possible into comparing and deciding which superfund you want to consolidate your super too

This is perhaps one of the most important financial decisions that you’ll make within your lifetime and could dictate if you retire with $100,000 or $1,000,000+. When making this decision - you’ll want to take into account the following factors: performance, fees and insurances. To best make an apples for apples comparison, when contacting your funds (the below steps) be sure to gather this information from them directly.

Step 1 – Establish who you need to contact

You may have noticed on your lost super report that the information listed is ‘account name’ and doesn’t include the superfund name. Unfortunately, this is how the results are passed to us and therefore you will have to identify which superfund holds your funds by typing into Google the account name listed on the above report. Once you’ve identified which funds belong to which superfund, you’ll then need to navigate their website and find their contact number.

If you've got funds held in an ATO account, you can recover the funds by following the instructions found here.

Step 2 – contact each fund

Once you’ve identified each fund and their contact number you’ll need to contact them directly. Listed in the above report is the account number, be sure to give this to the call centre worker who answers your call. Inform them that you have completed a lost super report and that it’s indicated that you have funds with them and you’d like to consolidate your funds.

Step 3 – ask the right questions

Don’t forget to ask the right questions at this stage so that you can make a comparison, some suggestions are:

1. What is my current 1, 5 and 10 year performance?
2. To consolidate to another fund, will I require certified identification?
3. What is my current administration fees?
4. What is my current MER fee?
5. What is my current insurances?
6. Is there any exit fees?
7. - Are there any restrictions on withdrawing my funds?

Step 4 – Make a choice

Once you’ve contact each superfund and have the right information you should be ready to make the decision which fund is going to be right for you. Preferably you’re looking for the best performance, most comprehensive insurance and least amount of fees. Additionally, you may want to take into consideration their services offered, such as online services for checking your account.

Step 5 – contact the funds that you no longer wish to use and request to consolidate

Remember that they’ll deploy all sorts of tactics within their powers to stall your transfer or get you to stay. Tactics such as re-confirmation of old addresses, additional ‘required’ paperwork, troubles with identification and ‘restrictions’ placed on your account to name just a few. Sometimes you’ll have to do what’s requested - but always know your rights as a consumer.

Once you’ve completed the required paperwork and sent them the required identification, the rollover process may take 2-4 weeks before it appears in the target account.

Step 6 – Don’t get into this situation again, ensure all future contributions are going to your new account

Lastly, don’t forget to update your superfund details with your employer, after going through the above we’re 100% sure you’ll never want to do it again!