Find and combine super accounts

internal-banner-rolling-over-micheal2Take control of your super. Find and combine your super accounts. It’s quick and simple.

 

Important Notice

The ATO SuperMatch service to find and combine your accounts is currently offline. So, for now you will not be able to log into your REI Super account and combine your super online. Instead you will need to complete the Rollover form and send it back to us.

 

Don’t want to use snail-mail?

There’s another way to find and combine your super accounts online. You can log into your myGov account and combine any monies held by the ATO. For step to step instructions on how, visit MoneySmart.gov.au

 

Save money and more

There is so much upside to finding and combining your super into one account.

  • Save on fees. Paying multiple fees for multiple account can get expensive and fees can slowly erode you balance, especially low account balances. By having one account means only one set of fees to pay.
  • Reduced paperwork. Having one account makes it easier to manage and to track your super going forwards. When you change jobs, you can take your REI Super account with you.
  • Compound interest. The biggest bonus with one account, means more funds in one pot and the power of compounding interest. Compound interest will give a boost to your account savings without you having to do anything.

Compounding interest graph

The graph shows an example how compound interest works with an initial deposit of $50,000 and an annual lump sum contribution of $5,000.  Inflation 2.5% and a return of 6% paid annually. At the end of 10 years you’d have a total of $157,423 in today’s dollars your account.

Remember, investment returns aren't the same every year. Some years they are higher and other years they are lower. When returns frequently go up and down, it is called volatility. Time is your best friend when it comes to investing. The longer you invest, the more time you have to ride out the markets' ups and downs.

Use MoneySmart’s compounding interest tool to see how it would relate to your finances.


Before you combine your super accounts

  1. Review the benefits you have with other super accounts including insurance cover. If you choose to leave your current fund, you may lose your insurance benefits. Make sure you have adequate insurance cover before combing your accounts with REI Super.
  2. Check if there are any fees for leaving other super funds.
  3. Consider getting financial advice to help you compare the benefits and costs of switching funds. Call our helpline for more information: 1300 13 44 33.

 

The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129 June 2020.