What is “Super Consolidation”?

Just maybe, you have some super funds sitting in accounts set up during previous employment…

Have you worked for more than one employer in your career? How many super statements did you receive last year? If you found yourself thinking “I didn’t know I even had that super fund” or if you have lost track of your funds over the years as you have changed employment, then super consolidation may be the answer.

Consolidating your super means rolling all of your super funds into one. By transferring your other superannuation fund accounts into one fund you'll be able to grow your retirement savings more efficiently.

Why consolidate

The more superannuation funds you have your retirement savings in, the more you may be paying in administration fees. By consolidating your superannuation into one account, you could reduce the cost of saving for your retirement.

Having only one account also helps to reduce your paperwork and makes it easier for you to keep track of your super.

What to consider before consolidating

When consolidating super, many people are tempted to just choose the fund with the highest balance. This is not necessarily an effective method of choosing a fund. The most appropriate fund for you may be the one that currently has the lowest balance or an entirely new fund.

Before you consolidate your super funds, here are some things to consider:

  • Are there any termination fees?
  • Will you be able to get the same level of insurance in your chosen fund?
  • Can your employer contribute to your chosen fund?

If you have multiple super funds and would like to benefit from consolidating them, we’re here to assist you. We know the right questions to ask – and the options available. Do you? Why not schedule a meeting with Gerry or Clae now?

 

Disclaimer

Information current as at 3 September 2015 - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.

Disclaimer

This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product.