Rollover your super and save
Every superannuation fund charges fees for managing your super investment. These fees may be quite small, especially those charged by Industry SuperFunds, but if you have super with more than one fund, then you’re paying fees on every account. These multiple fees can soon add up and eat into your retirement income.
That’s why it’s important to look at consolidating or rolling all your super into one account. That way, you’ll only be paying one set of fees, and you’ll have a lot less paperwork to worry about.
Things to consider before consolidating
Before transferring your super out of one fund and into another, make sure you check for any termination or exit fees that your old fund might charge.
When choosing your one preferred fund, always make sure that:
- It offers the same types of insurance options that your old funds offered (e.g. Death and Disability insurance and Income Protection cover) and that you have considered your insurance cover in your old fund and will not be disadvantaged by consolidating your super
- Your employer can pay into it and
- It has all the services that you want from a super fund
How do I consolidate?
- Decide which funds you want to transfer out of and consolidate into.
- Get all your fund details together, especially your member numbers which are found on your annual statements. Have your Tax File Number handy too.
- Visit the website for your preferred fund to complete the rollover form. Some Industry SuperFunds can even help you to find all of your other accounts. If you have any questions, they should be able to help you out.