Posted on 12 April '17 by , under General News.
Chances are, if you have had more than one job, you will most likely have multiple super accounts.
Having multiple super accounts means more fees and less savings. Consolidating all your super accounts into one account can help you to keep track of your super, reduce unnecessary paperwork, and most importantly, save on costs.
The first step in consolidating your super is selecting a fund to move all of your super savings into. When comparing funds, consider funds with lower fees; suitable investment options; extra benefits; funds which have performed well over the last 5 years; and provide appropriate insurance cover for your needs.
Once you have selected a new super fund, you may need to open an account with the fund and provide your employer with the new details. You will then need to rollover super to your chosen fund either online through myGov or you can transfer your super by using a form and sending it to your chosen fund. Some funds have an online process too.
Before consolidating your super, be sure to check the impact on your retirement benefit if you are in a defined benefit fund. It is also good practice to check that you are not losing benefits, such as insurance, and look up the cost of exit fees of your old fund. If you are unsure if consolidating your super is right for you, seek professional advice.