How does BMYG Wealth consolidate my super funds?
We will establish a new personal super fund in your name based on your chosen provider and perform a search of the ATO database.
From here we will organise a balance transfer from your current and lost super funds.
Once all funds have been received into your new personal super account, we will send you a confirmation and instructions for directing all future employer contributions to this fund.
Why should I set up a personal super fund?
Setting up a personal super fund will allow you to take control of your superannuation now.
This is a portable fund which you can take with you from job to job which ensures you will never lose your super again.
A personal super fund will house your total super balance and ensure that the funds are invested.
What happens to any insurance? I may have in the Super funds I am rolling into my nominated account?
You may lose any insurance cover attached to the superannuation accounts that you choose to consolidate into. If you are concerned about losing any insurance cover you should check with your current super fund provider to see if these insurances can be replaced or seek advice on how this cover can be maintained.
How do I pay for your service?
If you choose to consolidate all of your funds into your nominated account using our service, we charge a once off administration fee of $350. This fee is deducted from the recovered balance of your consolidated funds, so there’s no out of pocket expense.
Why should I Consolidate?
Multiple Superannuation accounts means multiple sets of fees associated with those accounts, which can add up to thousands over time. The longer you wait, the more fees you are going to pay.
Your various Super funds may not be currently invested. Merging your Super funds reduces paperwork, making it easier to track and manage your investments, rather than having your Super spread across several funds with a variety of investment options.
You may be unnecessarily paying for several insurance policies on multiple Super funds, for cover you may not need.
Where can I find my Tax File Number (TFN)?
Your Tax File Number is found on your income tax assessment, correspondence from the Australian Tax Office (ATO) or payment summaries from your employer. Alternatively you can contact the ATO on
13 28 61.