Have you ever changed your name, address, or job? If the answer is yes, then you may have more than one super fund account!
Your super is one of the largest sums of money – and the best investment – that you’ll ever have access to. How you choose to manage it right now can greatly influence how much super you end up with when you retire.
In this article, we’ll answer some commonly asked questions asked about what it means when you have multiple superannuation funds and how it may or may not affect your ability to make an insurance claim.
What does it mean to have multiple superannuation accounts?
If you’re born after 1 July 1960, you can access your superannuation once you reach 65. By knowing how many accounts you have active under your name now, you can better manage and maximise your investment into your superannuation.
Typically, people end up with multiple super accounts when they change jobs and don’t let their new employer know of their existing account. If you do have multiple super accounts, you could be paying multiple premiums, as well as administration and investment fees – all of which means fewer funds available for when you retire.
In 2018, approximately 6 million Australians held two or more super accounts. This means that there are 6 million Australians who are potentially losing money on their nest egg.
How do I check if I have more than one super account?
The first step to checking exactly how many super accounts you have is accessing the my.gov.au website. Any super fund that’s assigned to your Tax File Number (TFN) will be visible on MyGov.
Before you access MyGov, make sure that the ‘ATO Service’ is linked to your account. Once logged in, click on the ‘Super’ tab under the ATO panel. Then, choose ‘Fund Details’. From there, you’ll be able to see how many super accounts are active under your name.
Does having multiple super funds impact my ability to make a claim?
No. You can have multiple super accounts and insurance policies, as long as each of your existing funds are independent of each other. If you wish, you may be able to make multiple claims at the same time.
What if my claim is rejected?
Insurance claims are declined for many reasons. Often a rejected claim simply comes down to an understanding of insurance terminology and how the industry works.
If you feel the Insurer has unfairly declined your claim, Life Matters can help you know where you stand and what further action can be taken.