Benefits of consolidating
For most Australians, by the time we retire, super will represent one of our biggest assets. It’s real money and by consolidating you could:
- save money—one super fund means one set of fees, potentially saving you hundreds of dollars each year and thousands over a lifetime
save time—having one fund is easier to keep track of with less paperwork and administration
find money you didn’t know about—you can conduct a lost super search as part of your consolidation
have better control of your investments—with one fund it’s easier to manage an investment strategy to meet your needs.
Things you should know
More and more of our customers are benefiting from super consolidation and you could too. But before you consolidate, it’s a good idea to consider the following points:
Will you pay any Exit or Withdrawal fees from your existing super fund?
If you hold insurance in your existing fund and want to keep it, can it be transferred? Insurance cover is not automatically transferred when you consolidate. It will generally be cancelled, so make sure the insurance in your new fund meets your needs. Check the features to ensure that you are not losing anything that are important to you in your existing funds.