New job, same Super

New job same super

Starting a new job is an exciting, challenging and sometimes confusing time. Remember Claire (our Financial Best Friend - FBF)? She has recently returned to the workforce and spent some time working out what this meant when it came to her super.

Claire: The key thing I discovered is that your superannuation account doesn’t automatically follow you from job to job. Instead, if you want to keep the account you already have, it’s up to you to give the details to your employer. Otherwise, your new employer may open another account for you with a different fund.

It’s important to remember that superannuation is your money regardless of where you work. So, when you change jobs, it is important not to forget about the money you’ve accumulated in your Child Care Super fund.

So, when I recently started in my new job I took my Child Care Super account with me. It was really easy. I spoke to my new employer and let her know that I wanted to stay with Child Care Super (which I had from my previous jobs), letting her know where I wanted my super payments made.

Because I am quite organised, I provided the Child Care Super choice of fund form to my new employer at the same time that I gave her my Tax File Number declaration and my bank account details.

Super easy

By taking your account with you you’ll prevent your super from being split across a number of different funds, which means you’ll save on fees. Fees left unchecked can add up to large amounts and can even eat into balances.

Here’s what to do

To take your Child Care Super account with you to your new employer, simply download and complete a choice of fund form and give it to your employer. What’s handy is the form has most of the details your employer needs already filled out for you, all you need to provide is your member number, name and Child Care Super account name. Note, a 'Letter of Compliance' is on the reverse of the form. Your new employer may also need this (if they are new to Child Care Super).

You can find your member number on your latest Child Care Super statement or by calling 1800 060 215 

Three great benefits of staying with Child Care Super in your new job

  1. Competitive fees, leaving more for you when you need it.
  2. You have access to Death, Total and Permanent Disablement and Income Protection insurance cover that protects you and your family in case of illness, injury or death.
  3. Regular and relevant communications about your super savings.

Claire’s super tip when changing jobs

Changing jobs is the main reason people end up with more than one superannuation account. And it is often the first step to losing track of your super accounts. But changing jobs rarely means you must change your super fund too.

When starting a new job provide your employer with your:

  1. Tax File Number and Declaration
  2. Child Care Super Choice of Fund Form
  3. Bank Account details of the account you want your wages or salary paid into