Q: What options do I have to pay for your service?
A: In most cases our fees can be deducted from one of your current super accounts. This simply means when that when we consolidate your super, our fee does not come out of your back pocket. Alternatively, we accept all major credit cards and direct debits. Fees can only be taken from the super fund where the advice is related solely to super monies.
Q: You’re an authorised representative of AMP Financial Planning. Does that mean that you will only recommend AMP superannuation products?
A: No, we are required by ASIC to act in the best interest of our customers at all times. We will consolidate your super into the fund of your choice. AMP is our licence holder of which we are authorised representatives.
Q: How long does your process of finding and consolidating my super take?
A: Generally we can locate and request all transfers within a week of commencement. There is a government requirement that all requests for super transfers be actioned within 28 days of receipt by the holding superannuation fund.
Q: How does super become ‘lost’?
A: Super accounts often become lost if your fund loses contact with you. Some common reasons for this include:
- changing jobs
- moving house and not updating your fund with your new address
- changing your name (marriage, divorce, etc.)
- having more than one job at one time and super being paid into different accounts
- working in Australia as a temporary resident and then leaving Australia
If the fund is not able to contact you as they do not have your current address and mail is returned to them, or if they have not received a contribution for a set period of time, they may roll your super benefits over to an Eligible Rollover Fund (ERF).
Q: What are the benefits of consolidating my super?
A: Consolidating your super into your preferred fund will save cost as you will be paying only one set of fees. You will reduce the paper work of managing numerous funds and also get fewer statements in the mail. This makes it much easier for you to keep track of your super and help you save for retirement much more effectively.