The power of consolidating your super

What should I consider before consolidating my super?

Combining your super can be a significant financial decision. If you decide to combine all or part of your other super account(s), carefully consider how this may have an impact on your existing insurance, contribution and tax arrangements, fees or charges, or any other benefits you may lose.

For example, if you combine any other super account(s) you hold into your Virgin Money Super account this will close your other account(s). Any insurance you held in your other account(s) will cease when it closes.

If you intend to claim a tax deduction on your personal contributions, you will need to provide your existing fund with a notice of intent to claim and receive confirmation it’s been processed before combining your super.

We recommend you seek financial advice before deciding whether to combine your super accounts.

What will happen to my insurance if I consolidate my super?

If you consolidate the full balance of any other super account(s) you hold into your Virgin Money Super account, this will close your other account(s). Any insurance held in your other account(s) will cease when it closes.

You can apply to transfer any insurance from another super fund to your Virgin Money Super account by completing the ‘Transfer of Insurance Application form’.

Once completed you can submit your insurance transfer form via the ‘contact us’ page of your online account. Files must be less than 2MB and in a jpg, jpeg, png or pdf format. Alternatively, email or post the form back to us.

Please note: You should not consolidate your other account(s) into your Virgin Money Super account until you have received confirmation that your transfer request has been accepted. If you’re unsure whether you should transfer your insurance into your Virgin Money Super account, we recommend you speak to a financial adviser before making a decision.

How can I consolidate my super into my Virgin Money Super account?

1. Log in to your account via the portal

2. Select ‘Find my super’ in the dropdown menu

3. Verify your identity - You'll need to have two items of identification handy, like a driver licence, Medicare Card or passport to verify your identity

4. Then start the search. The search results will display all the super accounts we find (if any)

5. Alternatively, manually search for your other super accounts by entering in their details via Combine Super

6. You can decide how much to transfer into your Virgin Money Super account.

Why do I need to verify my identity to consolidate my super?

• This super search is a service provided by the ATO who have rules in place that state members can only use this service where they have successfully completed an ID verification process first.

• We've built this verification process into our secure portal so you can do this online, and you only need to do this once.
• This is to protect your retirement savings and ensure we are dealing with the account holder.

The balance shown on the ‘Find my super’ tool is wrong, why?

As the results provided are from the ATO, due to the timing of when your super fund last reported your balance, the displayed balance may appear incorrect.

Why was my consolidation request rejected?

If the name, date of birth and TFN aren’t the same on both accounts your consolidation request will be rejected. We recommend checking your Virgin Money Super account, as well as with your external fund to ensure both have correct details on file.

Can I consolidate unclaimed super with the ATO?

Using the MyGov portal, you can consolidate unclaimed super held by the ATO to your Virgin Money Super account. If you need assistance or require further information, please contact the ATO on 13 28 66.