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Superannuation Consolidation

If you have had more than one job during your career, which is likely, you will probably have multiple superannuation funds. Each of these funds will have a set of fees attached to them, and it stands to reason that paying numerous sets of fees will make a significant difference to your super balance over time.

The benefits of consolidating your superannuation

  • An easy way to pay less fees: One super fund means one set of costs, and if you combine all of your funds into one super account, you’ll pay just one all inclusive fee.
  • Easier to manage: If you have multiple super funds, you will be familiar with the administrative headache it can be to receive multiple statements and reports each year, not to mention the difficulty of trying to keep track of any changes to fees, charges or insurance benefits. Consolidating your super into one product can make this infinitely easier, and give you some all-important peace of mind.
  • Keep on top of your investment strategy: At the end of the day you want your super to work for you, and that means setting an investment strategy with your financial adviser that’s appropriate for your goals and stage of life, then monitoring that strategy regularly. If your super is spread across several funds and in a variety of investment options, this can be a difficult task. Combining your funds into one can make it far easier to keep your strategy in check.

 

To speak to a financial adviser in relation to super consolidation, click here