Almost ready to switch? Here’s what to do before switching super funds
Do you already have a super fund and you’re looking to switch to a new fund? Here are a few things to do first.
Check your super balance.
When you’re switching funds it’s a great time to check your super balance and make sure all your recent super contributions have been made successfully. Take a look at your contributions over the last 12 months and make sure you’ve received all the payments you’re entitled to from your employer. You should receive contributions from your employer at least 4 times a year.
Check your insurance cover.
Check the insurance cover you’re currently receiving, and make sure the new fund you’re switching to has a similar level of cover. Or, if you don’t think you need any cover, you can opt out of insurance altogether when switching to the new fund.
Check for any lost super.
Now’s a perfect time to look for any lost super you might have. You could have some missing super if you’ve worked at several different jobs. You can look for any lost super via myGov online, and bring it over into your new fund.
Let your employer know.
Lastly, once you’ve switched super funds make sure you let your employer know right away so they can pay your next super guarantee payment to the correct fund.
