You’ve cleared out your desk, pulled down your photos and packed up your pot plant. But aren’t you forgetting something? You might be all set to start your new job – but is your super ready to come along for the ride?
Most of us will change jobs several times in our lives – some of us more often than others. And with only a few exceptions, every employer you have will need to pay you super.
But if you don’t tell your new employer which fund to pay your super into, chances are they’ll set up an account for you in their default fund.
While this might seem like a good idea at the time, it will mean you end up with more than one account – and that means paying multiple fees and having extra paperwork to deal with.
Not only does this make it harder to keep track of your super, it also means you could end up with less money when you retire because of multiple sets of fees.
So if you’re starting a new job (or plan to do so in the not too distant future), here are five simple ways to make sure your super keeps moving with you.
1. Choose your fund
Most employers let you decide which fund you want your super to go into. To get your super paid into your Essential Super account, just log on to NetBank and download a pre-filled form to give to your employer. Or if you don’t have an Essential Super account, you can set one up in just a few easy steps.
2. Check your employer’s contributions
Of course, you want to make sure you’re being paid the right amount of super. Employers are generally required to contribute 9.5% of an employee’s salary into their super account at least every three months. If you think your employer hasn’t paid you enough, visit the ATO website for advice.
3. Keep an eye on your balance
In most cases you can’t access your super until you’re close to retirement, but that doesn’t mean you should ignore it until then. With Essential Super it’s easy to keep track of your super over time, because your super account balance is listed alongside your other accounts in NetBank.
4. Boost your super
You don’t have to rely solely on your employer’s contributions to get the most out of your super. In fact, putting in a little extra yourself now can make a huge difference in the long run. One way is through salary sacrificing, which means getting your employer to regularly pay a bit more into your super from your pre-tax income. As well as adding to your super, it may even reduce your taxable income.
5. Put all your super in one place
Once you’re all set up and your employer is paying your super into the account you have chosen, you can bring any other existing super you might have picked up along the way from previous jobs into the one account. It means you’ll only have to pay one set of fees and insurance premiums, and it will be much easier to keep track of your money.
With Essential Super it’s easy to consolidate your super. Simply log on to NetBank and give us your Tax File Number. We’ll take care of the rest.