As a freelancer or contractor, you’ll likely have worked for multiple companies, and may have super in various funds, resulting in multiple fees and insurances. If you combine your super, you could avoid doubling up on fees and insurance premiums.
Depending on which fund you consolidate with, it might result in loss of benefits such as insurance cover, reduced investment performance and higher fees. So before combining your super, make sure you compare all your options. Check out the fees and costs of your other fund plus any benefits that would be lost. Make sure your other fund knows about any contributions you intend to claim a tax deduction for, before combining. If you have any questions, speak to a licensed financial adviser or visit the ASIC MoneySmart website for more information.
If you think consolidating your super with Rest is right for you, we can help you find your lost super and put it all in one place, to help you make the most of your retirement savings.