Get Your Super Together and Save

13 September 2022

If you have had different jobs with different employers over your working career, you may have superannuation accounts with many different funds.

Apart from the time it takes to keep track of these accounts, there are three more serious concerns of which you should be aware.


1 – Investment Strategy

Choosing the right investments for your situation is critical to maximising your retirement nest egg. Super is for the long term and just 1% extra in returns every year can make a significant difference.

For example, if you were earning $70,000 per annum and your fund was receiving only the 10.50 % per annum superannuation guarantee contributions from your employer (FY 2022-23), you could have $194,130* after 20 years if the fund earned 7% per annum. If it earned just 1% per annum more, you could have $215,970**. An additional $21,840.


Cambio Group can develop an investment strategy that makes sure your super is aligned to your needs and is well thought out, with the long-term goal to maximise your retirement nest egg.


2 – Reports and Fees

More than one fund means you receive multiple annual reports and statements. Apart from being a nuisance, the big danger is that your super will be eroded by fees over time.


3 – Lost Billions

An inactive account is one that has not been accessed or contributed to in the past 16 months and the super fund cannot locate the account owner. Superannuation held in inactive accounts with balances less than $6,000 is transferred into the federal government’s consolidated revenue account.

As there are billions of dollars held in inactive accounts, this is a huge windfall for the government. Does any of this money belong to you?

You can easily find out if you have any lost super by using your MyGov account and linking to the ATO. If there is lost super showing, follow the instructions on the MyGov service to claim it. If you don’t have a MyGov account you can download a form from the ATO and submit it to instigate a search.

We are also here to help if you would like advice on the best way forward or to help track down any lost super you may have.

Before you decide to consolidate your super, there are a few things you should look at first:

  • Check you are receiving the right amount of super from your employer. If you are employed your employer should be paying you the minimum super guarantee, which is 10.50% of your income. You can easily check this on your payslip, through your myGov account, or directly through your super fund.
  • Check to see if you hold any insurance through any of your super funds. You may have some cost-effective and valuable cover that could be lost. If you were to change funds, you may not be entitled to receive or even implement the same cover again.
  • Make sure you do your research to understand the differences in super account options and consolidate your super into a fund that suits your individual needs.


Read more about: 3 Easy Ways to Boost Your Retirement Savings


To help you make the right financial decisions with your superannuation, seek advice from an experienced financial adviser.


If you would like to meet with one of Cambio Group’s financial advisors, please get in contact with our office or you can easily book a time to speak with our team here.


*zero initial investment, $7,350 pa regular contribution over 20 years, with a 7% rate of return;
**Same assumptions except 8% pa rate of return.
All calculations do not take into account inflation, tax or fees/charges

Disclaimer: The information (including taxation) in this website does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.

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