Starting work or moving into a new role can bring a lot of change. Make it an opportunity to sort out your super.
Starting a new job is the leading cause of lost super in this country, and it’s easy to understand why – you have a lot on your mind in those first few weeks.
Making the switch to a new job doesn’t mean you need to switch super funds. Depending on your situation, it may be best to take your super with you.
When you first start with your new company, you may have the option to choose your own fund by filling out a choice of fund form. Or you can opt to have your contributions paid into your employer's default fund.
Keep your super in the same spot
Wherever you choose to have your super paid to, the important thing is that all your money sits with the same fund.
This is particularly important if you’ve previously been studying and taken on casual or part-time work on the side.
There’s very little advantage to having super sitting in multiple funds – in fact, it may leave you with less money in retirement. Forgotten funds may be eroded by fees, charges and insurance premiums.
It may even end up joining the billions of dollars of unclaimed super lodged with the ATO.
The good news is that it’s easy to get your super into one fund.
Keep your insurance up to date
If you’ve had super with a previous employer, you may already be covered for death, terminal illness or disability as part of your super fund.
Before combining your super, it’s good to understand what cover you may already have, and work out a plan to replace it before moving to a new fund.
When you bring your money to First State Super, you can apply to have your insurance transferred across to us.
We offer different types of insurance and varying levels of cover to suit your individual budget and lifestyle.
If you joined us because we’re your employer’s default fund, insurance may be automatically included in your membership (subject to our insurer’s conditions).
Insurance through super is paid for using your account balance.
Reassess your budget
If your new job means an increase in salary, use the opportunity to start putting extra income into savings.
It doesn't take long to adjust to having extra money, which is why it's important to set new financial habits as soon as your income changes.
Depending on your broader financial goals, it might be worthwhile looking at making extra contributions to your super either with your pre- or post-tax salary.
Because of the way compounding interest works, keep in mind that the earlier in life you start putting money into super, the less you need to put in for it to have a significant impact on your savings.
If you’ve started to earn significantly more, consider making an appointment with one of our financial advisers for personal advice.
A financial adviser can show you how to optimise your extra income and manage your money effectively.
Now is a great time to…
Put all your super in the same place
Save on admin fees, cut down on paperwork and gain more control over the way your money’s being invested.Search and combine super
Take control of your accounts
Occassionally two super accounts may exist for the same member, particularly if you've moved from one employer to another. In some cases, this might be a good thing to have, but we can combine these accounts at your request.Get in touch
Tell your employer where to pay your super
Most of the time, you don’t have to join your employer’s default fund. Depending on your workplace agreement, you can nominate the super fund that your contributions are paid into. Simply fill out a Choice of Fund form and hand it to your payroll office.Download the form
Become a member of First State Super
It's easy to join