Combine
COMBINE
Combine your super and save on fees. Multiple accounts mean you’re paying multiple sets of fees. That’s why it’s so important to get your super together.

See where your super
is hiding

If you’ve ever changed jobs, held a part-time or casual job, or relocated without letting your super fund know your new address, chances are you’ll have some lost super.

Simplify your
life admin

One super account means one account to monitor and manage, which will give you a greater sense of control over your financial future and where you’re heading.

Watch the extra dollars
add up

When it comes to your super, together is better. Cutting out extra fees will help you take advantage of the power of compound interest to grow your balance faster.

Combine your super.
Win a MINI Cooper.


Win a MINI Cooper

You don’t want multiple super accounts. But you do want to win a MINI. We can help with both.

Right now, combining your super with us is even more rewarding. Do it before 21 December 2018 and you could be driving home in a brand new MINI Cooper 3-Door Hatch.*

And an important reminder… before you combine your super with us, you should find out about exit or withdrawl fees your other fund might charge, as well as any entitlements or insurance cover that might stop when you close your account.

* The terms and conditions are available here. A minimum consolidation amount applies. MINI is not a participant or sponsor of this promotion. The promotion starts at 00:00 hrs on 1 March 2018 and closes at 24:00 hrs on 21 December 2018 (promotional period). This prize is paid for by Russell Investments Employee Benefits Pty Limited and is not funded by superannuation money. Authorised under trade promotion permits: NSW LTPS/18/22100, ACT TP18/00277, SA T18/227.

Combining is easier than ever

Log in online or using our app.
3 See where your super is, then select the accounts you want to combine.
2 Click submit. Done!

And an important reminder… before you combine your super with us, you should find out about exit or withdrawl fees your other fund might charge, as well as any entitlements or insurance cover that might stop when you close your account.

Log in and combine

Meet Cam, the 2017 MINI winner

The last time we gave away a MINI, Cameron O’Bryan sorted his super and became the owner of a new car—all at the touch of a button.

Cam was doing his tax when he realised he had multiple super accounts. Although he was aware of super funds from jobs he’d had during school and uni, he’d never really considered consolidating them before.

“Once I thought about it, I knew I didn’t want to keep paying extra fees—and it was so easy to combine my accounts. I wanted to stay with iQ Super as I’m happy with the fund and get great benefits. Being automatically entered in the MINI campaign was a bonus, and it worked out well for me!”

Expert advice can make a big difference for your peace of mind.

Question mark

Our advice offer is designed to help you maximise your financial position.

We offer expert, phone-based advice on a single super-related issue, as well as Retire Ready meetings—both at no cost to you.

And we’ve partnered with senior financial advisers to offer personal financial planning. Your first meeting is free.

Call 1800 555 667.

Not sure where your other super is hiding?

We can look it up in seconds. Give us the ok, and we’ll use your Tax File Number to find your other super (including lost, unclaimed and other accounts). If you have super elsewhere, we’ll show you where it is in a matter of seconds.

It usually takes around three business days for the money to hit your account.

Find and combine your super

Moving your overseas pension to Australia

  • Ask for a transfer document from each of your overseas funds.
  • Contact the ATO and ask them to calculate your 'assessable amount' for tax purposes.
  • Complete your section of the transfer document(s) and send it to us.
  • We’ll complete our sections and return the transfer document(s) to you.
  • Check and finalise any outstanding information and send the transfer document(s) to your overseas fund(s).
  • If there are no issues, your overseas fund(s) will transfer your money to us.
  • We’ll get in touch with you to confirm how you want to pay any tax owed on the money transferred.
  • We’ll transfer the funds to iQ Super account.

A transfer to an Australian super fund from the United Kingdom (UK) can be considered an unauthorised payment, which attract a penalty of up to 55% of your balance.

To avoid this penalty, you need to transfer to a fund that has Qualifying Recognised Overseas Pension Scheme status. Due to UK legislative changes, Russell Investments no longer has this status.

If the transfer of your overseas pension payments is completed within six months of you becoming an Australian tax resident, you do not need to pay tax on it.

If you have been a resident for more than six months, you need to pay tax on the growth component of your pension.

Here’s the formula:

[(payment day entitlement - {accumulated entitlement + additional contributions}) x resident days/total days] + previously exempt amounts

Here’s what the formula terms mean:

  • Payment day entitlement = the amount you are entitled to at the time of the transfer before any deductions have been made
  • Accumulated entitlement = generally the amount payable by the overseas fund the day before you became an Australian resident for tax purposes
  • Additional contributions = employer or personal contributions made after you became an Australian tax resident
  • Resident days = the number of days you have been an Australian tax resident in your current period of residence
  • Total days = the number of days from the first time you became an Australian tax resident until the date of payment
  • Previously exempt amounts = this relates to amounts assessable under the Foreign Investment Fund rules. Check with your tax specialist, if this applies to you.
  • You can choose to have us pay tax on the growth component of your pension at 15% by completing the relevant ATO form. This won’t count towards any contribution limit, because it's considered normal growth within a super fund, not a contribution.

  • Or, you can pay the tax yourself at your marginal tax rate by including the assessable amount as income in your tax return. This will count towards your after-tax (non-concessional) contribution limit.

  • If you receive an amount that you are not entitled to, such as a top-up payment from your overseas employer, we’ll tax this amount at 15%. Such amounts count towards your before-tax (concessional) contribution limit, so it’s important to let us know to make sure we tax and report it, correctly.

  • Don’t forget to check any international tax implications for any transfer in line with your personal circumstances.

  • Any amounts you salary sacrifice or that come from your employer also count towards your concessional contribution limit. If you exceed your concessional (before-tax) contribution limit, a penalty tax will apply.

    What’s more, the amount contributed above your concessional (before-tax) contribution limit will count towards your non-concessional (after-tax) contribution limit for that year. This may result in you also exceeding that limit and incurring another 46.5% tax on the amount.

  • The ATO has more information on the tax treatment of transfers from foreign super funds.

Got a good reason for having multiple accounts? Just be sure…

BUSTED

I’m diversifying and protecting my super

Your super is already diversified across regions, asset classes, managers and underlying assets. And protections offered by the Government mean it’s nearly impossible for a super fund to go bust.

BUSTED

Super’s like any other investment

Not quite. Super is a tax structure offering significant tax advantages designed to encourage saving for retirement. Super contributions are usually taxed at a lower rate than your salary, so more of each dollar you invest in super stays with you and less goes to the ATO.

BUSTED

I’m nowhere close to retirement

You’re at least a quarter of a century from retirement, so you have time and compound interest on your side—use it! You also have the power to make a real difference to your life savings without putting your hand in your pocket.

Easy ways to combine

Online 

Log in to do
it online.


Log in

Mobile app 

Use the app to combine on the go. Free from the app store.

Download app

Phone 

Call us on 1800 555 667 or request a call back.


Request call back

Mail 

Prefer paper?
Get the form here.


Download form

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