Mercy Super - Always for you

Have you had more than one employer through your career? Most people have had several jobs and having several jobs may mean you have joined a number of super funds. In fact, most Australians have two or more super funds.

Combining all of your super into one means you can:

Reduce your costs

Most super accounts charge administration fees and costs. These fees vary between funds and they can add up over time and reduce your super savings.

If you combine your other super fund accounts into your Mercy Super account, you’ll pay only one set of administration fees.

Simplify your paperwork

How many super statements do you receive each year? Do you find it hard to keep track of your super accounts?

By combining your super into a single account, you’ll receive one easy-to-follow statement each year so you can more easily track how your super is progressing.

Control your investments

Bringing all of your investments into one fund means you can determine the investment strategy that is right for you. You can benefit from the investment expertise available at Mercy Super and stay in control.

Finding lost super

You may have super with other funds which you have forgotten about or lost the details for. Perhaps you’ve changed your name, address or job and lost track of your super.

Your money may be part of the billions of dollars held by the Australian Taxation Office (ATO) as unclaimed super. The ATO’s Lost Members register has records of lost members from all regulated super funds in Australia. Twice a year super accounts of less than $6,000 and accounts that have been inactive for more than 16 months or a deemed to be lost accounts are automatically transferred to the ATO as unclaimed monies.

This is your money that you may be missing out on. There’s a simple solution – combine all your super into Mercy Super and take back the control of your super.

Finding your other super is easy using the ATO’s online service through MyGov to find and combine your super.

What you need to know before you consolidate your super

Before you consolidate your super into your Mercy Super account you should check:

  • If you will be losing any benefits, such as insurance cover. Make sure you can transfer or replace any insurance you still need with Mercy Super before you close your other super accounts.
  • If you’re in a defined benefit fund you might want to seek advice from a licensed financial adviser to make sure you’re not disadvantaged.

Ask your previous fund/s for all information about your benefits in that fund including transfer, or other fees, insurance cover and the available investment options, so you can understand the effects of transferring these benefits.

How to find and combine your super into Mercy Super

Combining your super into your Mercy Super account is easy.

First – gather the information on your other super accounts. You can find the details you’ll need about your other super accounts, such as your other fund’s Member Number, the name of the fund and their unique identifier.

You can usually find these details from recent communications your other super fund has sent to you or their website. You can find this information by using the ATO’s online service through MyGov.

Once you have these details, you can either:

By completing the Consolidate your super form you will be requesting the transfer of the balance of your super benefit between funds. This form cannot be used to transfer part of the balance from your other fund and it will not change the fund to which your employer pays contributions on your behalf. To do that you will need to let your employer know where you’d like your super contributions to go to. We’ve made it easy to stay with Mercy Super with the Choice of Superannuation Fund form. Just complete the form and provide it to your employer.

Providing your tax file number (TFN)

You are not obliged to provide your TFN to Mercy Super. However, if you do not provide it:

  • Your concessional contributions may be taxed at a higher rate instead of the usual concessional rate of 15%
  • You will not be able to make personal contributions to your super fund, and
  • It may be more difficult for you to monitor your account or to locate it if you lose track of it.

Mercy Super is authorised to collect your TFN under the Superannuation Industry (Supervision) Act 1993. We will treat it as confidential and only use it for lawful purposes. These purposes may change in the future as a result of legislative change. Your TFN may be disclosed to another super fund when your benefits are being transferred, unless you request in writing that your TFN is not to be disclosed to any other fund.

Although providing your TFN is not compulsory, it may slow down the processing of your transfer if you don’t provide it.

Your other fund may also require you to provide additional identification. If this is the case, we will contact you to arrange for any identification documents your other fund may require.

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