Should I Consolidate My Super?
The answer to this question is probably yes, but it depends on your personal situation.
When you have multiple super funds you are probably duplicating the fees you pay. It’s also likely that you’ve lost control or understanding over how your money is invested and what it is costing you, as well as increasing your administration headache receiving multiple statements that you then need to understand.
Further to this if you leave small amounts of super in an unattended fund and the super provider is unable to make contact with you, due to old or incorrect contact information, it will eventually be moved to a lost super fund account, which can make it harder to find in the future.
Having said this, it is still very important to review and understand what each of your funds has in it, how it is invested, what fees apply to contributions and withdrawals and what possible insurances you have in the fund.
Depending on your circumstances, it may still be appropriate to have more than one fund going. For example you might keep one fund going for the express purpose of maintaining the insurance cover, while having another fund you run alongside it to manage the majority of your investment.
Speak to one of our degree qualified advisers about how this relates to you.
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The content of this presentation is intended to be general information only and has been prepared without taking into account any person’s objectives, financial situation or needs. Each person should consider its appropriateness having regard to these matters or obtain relevant professional financial advice before making any financial decisions. Examples are illustrative only. Each person should obtain any relevant professional financial, taxation and social security advice before making any financial decisions.