Super consolidation. How to find and combine your super.

What is consolidation?

Consolidating, or combining your super simply means transferring multiple accounts into a single superannuation account. The process is straight-forward, and it can provide valuable benefits.

One of the biggest advantages of combining your super accounts is the potential savings in fees (e.g. administration fees). If you’re paying fees on multiple accounts, you can reduce the amount of fees you pay by reducing the number of super funds you have.

Another advantage of consolidating your super is less paperwork. Having one super account means you only have one account to manage. This could make it easier to keep on top of your super and understand exactly how it’s performing.

Consolidating your super is not just about saving money in fees, it’s also about giving your super the potential to really grow. With the power of compounding returns, the money you save in fees could help grow your super balance. It could also reduce the likelihood of you ending up with lost super in the long run if you remain an active member of only one fund, instead of having balances in multiple funds that may take up more of your time to manage.

‘Find and combine’ your super with BT’s SuperCheck

BT’s SuperCheck is now available to help you find and combine your super, when you log in to your BT Super or BT Super Invest account online.

SuperCheck is linked to the Australian Tax Office (ATO)’s SuperMatch service and follows the ATO’s rules in providing a secure service that verifies your identity, and securely uses your Tax File Number (TFN) to find super belonging to you.

There are rules designed to keep your super safe from fraud and scams. This means proof of identity is required to move money around the super system. It’s a small step in the process to protect your money. Be sure to have some identification information handy.

Five steps of SuperCheck

  • Log in to your account to access SuperCheck.
     

  • Select “Find your super” to start using SuperCheck.

  • Confirm your identity and give BT consent to use your details to search for your super.

  • To view your results, enter the SMS code we send you.

  • Review results and choose whether you’d like to combine some or all of your funds into your BT account.

Things to check before combining your super

Important: We are not making any recommendation to you that you combine your other super into your account with BT, and we have not considered your personal circumstances. Before requesting a transfer of your super, you should consider seeking independent financial advice. 

We also recommend that you:

  • Check if your other super provider/s charges any fees or costs (such as buy-sell spread) for transferring your super.
  • Understand that if you’re a BT Super member you will be charged a buy-sell spread when the combined funds are added to your account.
  • Understand that if you’re a BT Super Invest member you may be charged a buy-sell spread when the combined funds are added to your account.
  • Check whether you lose insurance benefits and/or loyalty benefits held in the account/s you choose to combine: 

– If you’re a BT Super member, you may not receive the same level of insurance cover if you combine your account/s, unless you apply to consolidate your insurance policies from your other funds into BT Super and our insurer accepts your application.

– If you’re a BT Super Invest member, you may not receive the same level of insurance cover if you combine your account/s.

If you are a BT Super for Life member

If you have a BT Super for Life account, you can still find and combine your super by following these steps: 

  • Find your super online via the Australian Taxation Office (ATO) website.

  • Combine using our BT’s Rollover Tool.

There is no charge levied by BT for accepting any rollovers into your BT Super, BT Super Invest or BT Super for Life account. However, before requesting the rollover, you should consider, among other things, where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are financial implications such as buy-sell spread for moving your benefit, or other loss of benefits (e.g., insurance cover). You may not be covered for injuries or illnesses that have arisen since you took out any previous insurance, and you may lose loyalty benefits. 

We are not making any recommendation to you that you combine your other superannuation into your BT Super, BT Super Invest or BT Super for Life account, and we have not considered your personal circumstances. Before deciding whether to combine your super, you should consider seeking independent financial advice. You can stop at any stage of the process, before submitting any request to combine your super. 

This information is current as at 17 May 2021. 

The information is prepared by BT Funds Management Limited ABN 63 002 916 458, AFSL 233724, RSE No. L0001090 (BTFM) is the issuer of BT Super, BT Super Invest and BT Super for Life which are part of Retirement Wrap ABN 39 827 542 991. 

A Product Disclosure Statement (PDS) is available for BT Super, BT Super Invest, or BT Super for Life can be found at bt.com.au. You should obtain and consider the relevant PDS before deciding whether to acquire, continue to hold or dispose of interests in BT Super, BT Super Invest, or BT Super for Life. AIA Australia Limited ABN 79 004 837 861, AFSL No. 230043 is the issuer of insurance cover offered through BT Super, and BT Super for Life. BT Protection Plans for BT Super Invest are issued by Westpac Life Insurance Services Limited ABN 31 003 149 157 (WLIS), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BT Funds Management Limited ABN 63 002 916 458 (BTFM) as trustee of the Retirement Wrap ABN 39 827 542 991. 

The information provided has been prepared without taking account of your personal objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. 

Superannuation is a means of saving for retirement which is, in part, compulsory. The government has placed restrictions on when you can access your investments held in superannuation. The government has set caps on the amount of money that you can add to your superannuation each year and over your lifetime on both a concessional and non-concessional tax basis. There will be tax consequences if you breach these caps. For more details, please speak with a financial adviser or registered tax agent or visit the Australian Taxation Office (ATO) website at ato.gov.au

BTFM is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian Credit Licence 233714 (Westpac). An investment in BT Super, BT Super Invest or BT Super for Life is not an investment in, deposit with any other liability of Westpac Banking Corporation ABN 33 007 457 141 or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of BT Super, BT Super Invest or BT Super for Life.