Consolidating superannuation funds

16-Jul-2018 10:53

And when you transfer from one employer to another, this can often also mean changing superannuation funds.

If you’ve got multiple super funds sitting around gathering dust, it might be a good idea to consolidate them into one.

Where both funds offered the equivalent option, the returns have been asset-weighted across both options on a monthly basis, where possible.

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Why should you do to combine your super accounts and how do you do it?In October 2013, approximately 33% of the survey respondents had more than one superannuation fund because they hadn’t got around to consolidating them yet.ASFA points out that the younger you are, the more you will benefit from making small changes to the way you manage your super.This is a process that can involve a bit of paperwork as you need to inform each fund in writing about your plans to consolidate.These forms should be available on each super fund’s website.

Why should you do to combine your super accounts and how do you do it?

In October 2013, approximately 33% of the survey respondents had more than one superannuation fund because they hadn’t got around to consolidating them yet.

ASFA points out that the younger you are, the more you will benefit from making small changes to the way you manage your super.

This is a process that can involve a bit of paperwork as you need to inform each fund in writing about your plans to consolidate.

These forms should be available on each super fund’s website.

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.