Superannuation is the best way to ensure you enjoy a comfortable lifestyle when you retire. Because superannuation is compulsory for

most workers, it is easy to forget about it – but not paying attention to your super could be costing you big bucks. Sort your super and set yourself up for the retirement you deserve.

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Step 1Identify all your superannuation accounts

Step 2Find out what insurance is included in your super

Step 3Consolidate your super

Did you know?

• 1 in 2 Australians has lost super.

• The Superannuation Guarantee is currently 9.5 per cent.

• For most Australians, superannuation is taxed at a lower rate than other non-super income and savings.

Tip

To help you keep track of your super, always let your super fund/s know when you change address.

Tip

If your spouse is not working or on a very low income, you can boost their super and receive a tax rebate in the process. Find out more about spouse contributions from the ATO.

See the next page, for your step-by-step guide to completing the Challenge.

The Sort Your Super Challenge

Step 1. Identify all your super accounts

Dig out any superannuation statements you have received over the last year.

Visit the following two sites to search for lost super. You will need your Name, Date of birth and Tax File Number:

- the ATO website SuperSeeker service: www.ato.gov.au/Calculators-and-tools/SuperSeeker - Australia’s unclaimed super fund: www.unclaimedsuper.com.au

Step 2. See what insurance you have in your super

Before you move to consolidate your super accounts, you need to identify what insurance policies are connected to those accounts. This is important for two reasons:1. To make sure you don’t lose insurance

coverage when you consolidate your super accounts; and

2. To make sure you’re not paying for more insurance than you need.

Step 3. Consolidate your super

Consolidating your super is also referred to as combining or rolling over your super.

Before combining your super, consider which fund might best serve your needs. Things to look at include:- What are the ongoing administration and management fees?

- What are the insurance premiums?- What are the exit fees to close down or roll-over your account?- Are there any other member benefits?

Decide which one or two superannuation accounts you want to keep. (Some super accounts, such as public sector super funds, do not let you consolidate accounts – so you may need to keep more than one)

Visit the website of the super fund you have decided to consolidate your money into and download or fill-in the form to consolidate or combine your super.

You will likely need the following details:• your personal details, including your Tax File

Number• your member number for each fund• the ABN and SPIN (superannuation product

identification number) of each fund

In some cases you may need to provide proof of your identity.

Useful links

www.moneysmart.gov.au/superannuation-and-retirementwww.superguru.com.auwww.ato.gov.au/individuals/super

www.moneysmartweek.org.au

Your guide to completing the Challenge