Starting a new job can be a hectic time. Understanding the scope of your role, navigating a different commute, figuring out how an unfamiliar coffee machine works, opening a new bank account for your pay to go into… Wait, you don’t do that last one? No, nor do most people, but a surprising number will change their super fund.
It’s understandable really, super can get pushed to back of mind at the best of times, and with everything else going on when you start a new job it’s all too easy to just check the default fund box on your employer form. Then before you know it your contributions are going to a new fund chosen by your employer.
Making the Club Super choice is easy
But did you know it’s super easy to keep contributing to Club Super. All you need to do is fill in a Choice of Fund form with your Club Super account details, hand it to your new employer, and that’s it, job done!
By staying with Club Super you have the peace of mind of knowing you’re with a fund that is truly focussed on delivering successful retirement outcomes for its members. And as an extra bonus, you’ll also avoid some of the pitfalls of having more than one super fund.
Don’t lose out
First of these is the extra fees, as you’re paying fees for every fund you’re in. And the more you pay in fees, the less you have working for your future. Then there’ s the hassle of keeping track of super in more than one fund – the more accounts you have out there, the more likely you are to lose track of some of your super altogether.
Another important consideration is your insurance cover. When you change funds you are changing your death, total and permanent disability, and income protection cover. This means you’ll go back to default cover in your new fund, which may be less than you have now.
Also, depending on how long you’ve been with Club Super, you may have reached the end of any pre-existing exclusion periods that applied to your cover (basically this means that a benefit cannot be paid for a certain number of years for a condition that existed at the time your cover started). When you take out cover with a new fund you may find a new pre-existing exclusion period is applied for some or all this cover.
Moving on? Get your form today!
So if a job change is on the horizon, make sure you download our Choice of Fund form to hand to your new employer. Alternatively call us on 1300 369 330 and we’ll send you a copy.