there’s nearly $14B* of lost super out there.

We use an Australian Taxation Office (ATO) tool called SuperMatch. This tool has been built into our own system and our member portal, firstonline, to give you a smooth, easy way to search for other super accounts and then combine these funds in to your First Super account. You can withdraw your consent by updating your contact details.

SuperMatch uses your TFN to search for other unclaimed super in your name. So we need your consent to use your TFN to:

• access the service and search ATO records for any super balances in your name that are held by the ATO or by another super fund. Once you give us your consent, we can conduct searches on your behalf on an ongoing basis; and
• allow the transfer of any ATO-held super found during a SuperMatch search into your First Super account.

Although you don’t need to do anything, you may like to consider combining your super into one account, including your First Super account.

By tracking down any lost super balances and combining them to your First Super account, you’ll pay just one set of fees and have just one account, making it easier to keep track of your savings.

Before transferring out of any other super fund it’s important to consider:

• The quality of service you can expect and want from your super fund. First Super provides reliable and experienced service, including our Member Services phone team, our inhouse Financial Advice team and local co-ordinators across regional Australia, all ready to assist you.
• The appropriate level of insurance you need. You can apply to transfer insurance you hold at another fund to First Super by completing an Application to Transfer Insurance Cover form. This needs to be done before combining your super account.
• Any fees that may be applicable.
• If you’re in a defined benefit account.

It’s your choice, but it’s worth knowing that although you don’t pay any fees on ATO-held amounts, you don’t have and can’t get insurance with that option.

Also, you can’t plan an investment strategy or manage asset allocations based on your particular circumstances. And, importantly, the only investment return you receive is interest paid at a level based on the Consumer Price Index (CPI). The current CPI rate can be found on the ABS website while our current investment returns are on our website.

If you consent for us to do so, any lost super held by the ATO will automatically be added to your First Super account. You can choose what you’d like to do with any amounts found in other super funds.

If you want to transfer to another fund you will need to get in touch with that fund and follow their process.

The process for transferring your money out of the other super fund(s) and rolling into First Super is straightforward, but we may need to check some details with you.

Usually, First Super will get the funds into your account within 4 days, and we send you confirmation when this has occurred.

If you have not heard anything in the next 10 days or so, please call us. It may be the case that you need to contact the other fund to see why your request has not been completed.

It could be a good sign if we haven’t found any extra super. It suggests your super is already consolidated at First Super and that you’re not paying unnecessary fees on other accounts.

It is possible that there are additional super savings, but that the details provided don’t match any ATO records.

For this reason, the consent you give us will allow us to undertake searches on your behalf from time to time. Whenever we do this, we’ll let you know the results.

If your search finds an account that includes a defined benefit amount and/or has attached insurance, we strongly advise you to seek professional financial advice to help you weigh up the benefits of consolidation and to help you decide what to do with this account.

Defined benefit accounts are older style accounts and moving such amounts to your First Super account may not be in your best interests. Obtaining financial advice is particularly important in such instances.

If you have insurance benefits, it’s worth knowing what insurance you have or can apply for with your First Super account. This may help you to make a decision regarding consolidating your super.

We encourage you to get professional advice. You can book an appointment with a First Super Financial Planner.