The fallout from the COVID-19 pandemic has left many Australians concerned for their health and financial
security. The crisis has required unprecedented containment measures and had severe effects on domestic and
While most coverage focuses on what’s happening right now – understandably – you may also be concerned
about the pandemic’s effects further down the track, especially as it pertains to your superannuation.
Fortunately, there are several steps you can take to ensure you’re providing yourself the best opportunity for a
Firstly, ensure your employer is paying in the right amount of super
- Organise online member access with your super fund, and check your transactions regularly to see
what your employer has contributed. If they are contributing quarterly or more irregularly, ask your
employer if they can change that to monthly. Time and money make a difference, the more regularly
you invest, the faster money grows.
- Check your myGov account and your super for extra contributions to your super account, for instance,
there could be unexpected irregular payments made by employers (from past jobs) In our gig
economy, it can happen, a colleague we know suddenly received a contribution of $850 from a job he
had in the late 90s.
Review, and consider consolidating your super
- Your myGov account will show you how many different super accounts you hold. Each has an
administration fee, and many can have insurance attached.
- Consolidating into one super account that meets your needs can give your super a boost, through
reduced costs alone. Whether this is by only paying one administration fee, or reduced insurance
- While it is important to have insurance to protect your loved ones, and ensuring they are looked after
in the event something happens to you, having it with too many super funds or Insurers can mean you
are paying insurance premiums multiple times, and sometimes, depending on the insurance policy,
you may not be able to claim on it. You should take the time to review your insurance cover on a
regular basis or obtain professional financial advice if your circumstances change.
So consolidating your super is a good thing, but how do you go about it?
- You can rollover using your super funds services – just complete the rollover form, either online in the
online application form, or by downloading the form, completing by hand and sending it in.
- Using myGov, you can choose the super fund you want the other super funds rolled into, and organise
directly online. It’s as simple as that.
Money for later – Food for thought?
So While for many of us, it’s tough now, it’s still worth giving some thought to how you will manage to
have some funds for later.
- Moneysmart.gov.au calculators can help you see how using super or putting some extra monies away
can help you later.
- Moneysmart.gov.au/how-super-works/superannuation-calculator helps you work out how
much super you can have for later, or how fees can affect your final super balance,
- Moneysmart.gov.au/grow-your-super will help you to make sure you are receiving the right
amount of super, find out if you are eligible for government contributions. Also how putting
some additional contributions away can help your super grow.
The information in this document has been prepared and issued by OneVue Wealth Services Ltd ABN 70 120 380 627, AFSL 308868 as the
Fund Promoter. It is intended to provide you with general information only and does not take into account your personal objectives,
financial situation or needs. Before making any financial decisions, it is important that you read the current product disclo sure statement
(PDS) and consider your particular circumstances and whether the particular financial product is right for you. The current PDS for the is available here on the Fund website. You should consult a financial adviser if you require personal advice. Diversa Trustees