Five simple steps for moving your super

When it comes to super, many people tend to stay put. But sometimes there is a good reason to move your money to a new fund.

Roy Morgan Research says the most common reason for switching is a change of job, followed by concerns about investment performance, as well as fees and charges.

You might also consolidate funds to save on fees and paperwork. So if you decide it's time to start moving your super, how do you go about it?

Find your super

First, do you know where your super is? If you have all the paperwork that's great. If not you can use the Australian Taxation Office's SuperSeeker service to track it down.

Visit ato.gov.au/superseeker or call 132 865 with your tax file number handy; or contact past employers.

Ask about fees

After you have located all your accounts, find out if you can move your money out and, if so, whether there is an exit fee. This may affect your decision to switch. Another consideration should be your insurance within super.

The Association of Super Funds of Australia suggests you make sure that you can transfer or replace any insurance before closing the account. For example, if your health has changed since you joined the original fund you might not be covered in the new one.

Choose a new fund

The next step is to choose a fund. When making comparisons, SuperGuru suggests you check their performance over five to 10 years, what the fees are, the investment options, the insurance options, including the cost, and the services available. It is also important to make sure your employer can pay your super into the fund you have chosen.

Swap online or by mail

When you are ready to make the switch, you may be able to do it online by using "Online Services" on the ATO website (www.ato.gov.au). You will need to provide the ABN of your new fund and your member account number.

The other option is to fill in a form - a "rollover initiation request to transfer whole balance of superannuation benefits between funds" - and send it to either your old fund or the new one. The form is available on the ATO website under "forms" or you can call 1300 720 092 and ask for a copy of NAT 71223.

You will need to fill in a separate form for each account you want transferred to a new fund. If you use the ATO service or form you will need to transfer the full super account balance.

If you want to transfer only part of your balance, you'll need to contact the fund that has your money. The new fund may also be able to help. Again you'll need to fill in a separate form for each account you want transferred.

Some funds offer "pre-filling" if you do it online, which will save you entering the same details multiple times if you are switching more than one fund.

This would certainly make the process a lot easier than filling in, say, three separate lots of paperwork. You will probably need to attach a certified copy of your ID to each form. Your old super fund will generally process your transfer request within three working days of receiving it.

Tell your boss

Give your employer the details if your new fund so they can continue to make the super guarantee payments.

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