Consolidating superannuation funds
Doing so can cut down the amount of paperwork you deal with, save you money on fees and make it easier to understand what’s going on with your super.
But deciding to consolidate your super is one thing. The following is a short guide for how to go about combining your super all into one fund.
With just one account to keep track of, you'll have only one set of statements to read and file.
Important information: In calculating historical returns for Australian Super, where only one of the merging funds (ARF or STA) previously offered an equivalent to an option in the new product suite, the returns for that option have been used.
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It could mean saving on account keeping fees and this can potentially make a significant difference to the value of your final super balance when you decide to retire.
Over one in ten have three super accounts and 8% have four or more super accounts.
This could either be your existing super fund, a previous one or a brand new one.
Superannuation is a trillion-dollar industry that the vast majority of Australian workers are invested in, whether it is voluntary or legally obliged.
Generally the more super accounts you have, the more administration fees you'll pay.
Having one account makes it easier to keep track of your super and choose it when you change jobs.
With just one fund to keep track of, consolidating your super also makes it easier to keep tabs on your super throughout your working life, so you potentially won’t miss out on any superannuation savings in retirement.