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's lost super search results
FREE REPORT
The search has been completed with the following results:
Warning!
You've got muliple funds!
You're like most people - probably paying too much in fees and insurances. Most people in this situation are unnecessarily throwing money away - the superfunds and insurance company's thank you for your kind donations!
Scroll down to see exactly how much you're paying! |
Your current fee breakdown*
Total fee's paid in 1 year:
-$
Total fee's paid in 5 years at current rate:
-$
Total fee's paid in 10 years
-$
If you had one fund:
-$
Amount saved over 1 year:
+$
Amount saved over 10 years:
+$
Detailed Fee Breakdown
Scroll down to see your options |
How do I fix this?
Consolidating to one fund is often the best choice
You've got two options if you wish to consolidate:
Option 1
Use our consolidation and fund recommendation service with no out-of-pocket expenses.
We've got fully trained and experienced administration staff that specialise in dealing with superfunds in the most time-efficient manner. We're fully aware of tactics that superfunds employ to stall and keep clients and we'll have none if it - we get the job done as quickly as possible. Most importantly, through the use of electronic signatures and our processes we minimise the amount of paperwork required by you to almost nothing!
What's included:
- Our administration team will contact each superfund so that you don't have to wait in the phone queues.
- We've got our own identification services so that you don't have to provide certified Identification, saving you a visit to a Justice of the Peace.
- We'll review your balances, insurances, fees, investment performance and any restrictions placed on your account.
- We'll deal with the various problems that often occur during this transition caused by changes to names, addresses and employment.
- We'll then complete the paperwork required to both transfer from your existing superfunds into your new Powerwrap account.
- Ensure any future contributions go to your new Powerwrap account so you don't run into this problem again!
- Lastly, you can then access any of our financial services and advisors at a discounted rate including: mortgage, investment, superannuation, estate and taxation financial services.
Why Powerwrap?
Performance
| Fund name | 2016 performance |
| Powerwrap - Index Funds Australia (Growth) | 10.80% |
| Powerwrap - Index Funds Australia (Balanced) | 8.79% |
| Cbus Growth (Cbus MySuper) | 5.5% |
| AustralianSuper Balanced | 4.5% |
| AMIST Balanced | 4.3% |
| Commonwealth Bank Group Super Balanced | 3.3% |
| Sunsuper Balanced | 3.1% |
| HESTA Core Pool | 3.0% |
| REST Diversified | 2.0% |
| MLC MySuper | 1.9% |
| REST Core | 1.8% |
| Telstra Super Balance | 1.3% |
Lower fees than your existing portfolio*
Total fee's paid in 1 year:
-$
If you had one Powerwrap account:
-$
Amount saved over 1 year:
+$
Transparency
View your account and its performance online, at any time.
All this for only $99
deducted from your super
Get started:
Take this option and use our serviceOr
Option 2
DIY
What you need to know about DIY
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 - Be mindful of insurances, each of your superfunds may have insurance and by withdrawing funds will leave you uninsured. Investigate which insurances that you have with each superfund and carefully plan it so you don't lost coverage when transitioning.
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:
- What is my current 1, 5 and 10 year performance?
- To consolidate to another fund, will I require certified identification?
- What is my current administration fees?
- What is my current MER fee?
- What is my current insurances?
- Is there any exit fees?
- - 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!
Keep us in the loop:
Fee breakdowns are sourced from the superfunds themselves but may have changed since the data was collected. We have tried to provide the most accurate information as possible, however, in some cases actual fees may be higher or lower: depending on how fees are disclosed by the superfunds. In some cases, fees are derived from comparable funds within the same superfund when no accurate information is available. Fees taken into consideration are: Administration, MER, performance and ICR fees. 5 and 10 year figures are hypothetical figures based off this data and multiplied by the number of years. This does not take into consideration inflation or possible increases or decreases to fee structures. The information on this website contains general information and does not take into account your personal objectives, financial situation or needs. It is important that you consider the Product Disclosure Statement of any investment. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances. You can check whether a person is a licensed or authorised financial adviser by visiting the Australian Securities and Investments Commission at www.moneysmart.gov.au. Superfund performance source: https://www.chantwest.com.au/investment-returns/super-fund-returns.