Superannuation Consolidation

Consolidating multiple superannuation funds

Consolidating superannuation is one of the first steps you can take in being attentive to your super. Only have one super fund? Great, you’re ahead of the 40% of Australians who have two or more.

Even though retirement may seem a long way off for some it’s important to give regular consideration to your superannuation. Superannuation is one of your most important assets, but it is often neglected. Why? This is your hard-earned money for your hard-earned retirement.

Let’s propose you had $100,000 sitting in your bank account and $100,000 sitting in your superannuation fund. Is the value or importance you place on those funds different? Because they shouldn’t be.

Why should I consolidate?

The average individual will have between three and five super funds over their working life. If these funds are held at the same time, one of the reasons to look at consolidating is to save on the fees and charges associated with each account. Why pay fees on two or three funds when you only need to pay them on one?

Superannuation funds also include features such as personal insurance. Over time your responsibilities in life change. Consolidating superannuation may be a good time to review what insurances you have in place as well as nominating or updating your beneficiaries.

When should I consolidate?

At any time you’re aware that you have multiple funds and want to do something about it. Adopting a positive attitude towards superannuation early means you have longer to reap the rewards. Consolidating superannuation and keeping it all in one place keeps it organised, easier to keep track of and update. It is also likely to make you more conscious of its existence.

How do I consolidate my super?

There are many funds out there, some more suitable to the particular industry you work in. If you want to look at consolidating your superannuation come and speak with us. We can review each of your funds and their features then compare them to additional funds that may provide you with a better offer.