What’s in a name?

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When starting this blog, I realised that I have a very interesting namesake, so I apologise if you were expecting a different type of blog and accidently stumbled upon my highly exciting and very fast paced finance blog. (FYI, just google Cara Brett and leave off the finance part if you were after something else).

It did however get me thinking about what is in a name and why it is important to get it right from the start.

Most of us don’t really tend to do too much with our super funds during our working years and it is not until we get closer to retirement that we start thinking about how to access it. At that stage you may have a couple of super funds floating around, or hopefully you have had enough forethought to keep it all together.

In fact many of your super funds you wouldn’t have actively chosen as your employer would have opened up an account for you based on whoever their default provider is. Employers have the ability to open up an account for you if you do not provide details of your super fund when starting employment.

This means an account can potentially be opened on your behalf with incorrect details. I will give you an example. Recently an account was opened for a woman called *Judith. When completing her employment documents, she entered her preferred name as Judy.

Unfortunately when the payroll department set up the super fund, they set it up with her preferred name, not her actual name. Judy contacted the super fund to rollover her fund from one account to another however the super fund denied her access as the names didn’t match.

Luckily in this situation not all is lost, however Judy now needs to provide further details in the form of a legal statutory declaration as well as providing a certified copy of her birth certificate.

Clearly these things can be changed, but you have to go the long way round to change the details, and usually they only avail themselves when you need to get access to the funds, or you need to get access to the information on the account.

So, the moral of today’s story is to get the name right in the first place otherwise you could end up with a messy super fund or reading the wrong blog!

I would love to hear if anyone else has any interesting namesakes…… try and top mine.

*name changed for privacy reasons

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