In Australia, an employer is supposed to deduct certain amount of money from their employees pay and submit it to a nominated, government registered superannuation fund. the superannuation funds are therefore funds set aside as social security fund for use as retirement.
Many Australians change employers frequently and they usually end up losing or forgetting which provider was responsible for their Superfunds. in some instances Australian residents end up with funds held by many varying and different Superfund organizations.
Having superannuation funds in small amounts held by different Superfund organizations, the charges, fees and other costs are high while the returns are low. this is a bad investment idea and will only become evident after the owner of the funds has retired and receives a low income from their fund.
Find my super is a website that searches for and helps to consolidate the superfunds of an individual that is held by various Superfund organizations. The process of locating and consolidating funds can be undertaken online or by mail. The applicant will fill in some forms and provide certain relevant data. Find my super will then use this information to seek and consolidate the funds. this process is usually undertaken at no charge at all to the applicant.
All citizens and residents of Australia are advised to conduct a search and determine whether they have super funds lying around in various Superfund organizations. When these funds are consolidated, the costs, fees and other charges to the account owner are low and the interests much higher.