How many super statements did you receive this year? Is it becoming more and more difficult to keep track of your super?
If you own more than one superannuation account it might be time for you to consider the benefits of consolidating your superannuation accounts into the one fund.
The main benefits of consolidating your superannuation accounts are:
- Reduced superannuation account fees;
- Reduced paperwork;
- It is easier to manage and keep track of the one account.
In my experience, many people know and understand these benefits, but do not start the process of superannuation consolidation because:
- They do not know how to go about consolidating their accounts, thinking that it is “too hard”.
- They have moved jobs and subsequently believe there superannuation accounts moved also.
- They do not have the time.
- They are unsure which account to keep.
- They do not wish to lose any of the insurance benefits under any of their accounts.
IMPORTANT NOTE: Before consolidating your super funds it is important to check:
- Are there any termination fees
- Will you be able to get the same level of insurance in your chosen fund
- That your employer can contribute to your chosen fund
Take a moment to watch this great little video that helps explain some of the important elements around Consolidating Your Super.
Do you have any questions?
We enjoy helping people address these concerns and taking the important steps required in consolidating their superannuation accounts.
Video: Consolidating Super (Doodler animated video)