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Consolidating super funds

Ever thought about finding all your Lost super but haven’t as you thought it was too hard and confusing. How many super statements did you receive this year? Do you find it hard to keep track of your super accounts? Have you lost some of your super over the years?

Approximately $130 million in fees are paid every year on unclaimed superannuation funds. Consolidation of your funds (where appropriate) has the major benefit of reducing fees paid and increasing the potential to maximise your final retirement amount.

The benefits of putting several small super fund accounts into one account are:

  • Potentially reducing costs by paying only one set of fees. Most funds charge an annual fee that’s eats away at your balance.
  • To reduce your paperwork.
  • To make it easier to keep track of your super.

When researching consolidation of super funds, each individuals needs must be taken into consideration and products must be researched thoroughly to ensure there is no loss of benefit to the client.

 

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