Like Vegemite and toast, your super may be better together

Three reasons to consolidate your super

1: Lighten your daily load

Life comes with enough admin. Reducing the number of super accounts means less paperwork (like annual statements and reports) and less upkeep (like updating your address).

2: Could pocket more with one account

Every super account comes with its own costs. Consolidating your super means you’ll only pay one set of fees — which could potentially save you thousands in the long run.

3: Keep track of your retirement savings

Having your super in the one place makes it easier to keep track of your balance. Get a clearer picture of how much you have in retirement and reduce the likelihood of lost super – bonus!

Things to consider before you get started

Consider which super fund is right for you

Fees. Performance. Investments. Sustainability — there’s a lot to think about when choosing a super fund. Take the time to find the right fund for you before consolidating.* Need help getting started? You’ll find a handy explainer on retail versus industry funds here.

Look over your insurance cover

Before combining your super, make sure your new fund offers the insurance cover that you may need — like life/death insurance, total and permanent disability (TPD) and income protection. This is particularly important if you are aged 60 and over or have a pre-existing medical condition. Any insurance cover that you may have from the fund will be cancelled when you close the account.

Keep your employer in the loop

It’s important that you let your employer know where to pay your super. If your other super fund account is receiving contributions from your employer, you’ll need to completing a fund nomination form and give this to your employer so they can re-direct your super contributions to your new account.

Planning to make tax deductions

If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund, before you consolidate your super into another fund.

Know your fees

It’s important to familiarise yourself with the fees that need to be paid — and the ones that don’t. It is worthwhile giving your super fund a call to make sure there is no charges for exiting the fund. As of 2019, super funds are no longer allowed to charge exit fees for moving all or part of your super, however there may be other charges.