If you’ve ever changed your name, address or job, chances are you may have more than one super account.
Consolidating (or ‘rolling over’) your super means combining all your super from multiple accounts into one fund and closing your other accounts to save paying several sets of fees and help make it easy to keep track of your super.
Why would you have more than one super account?
If you’ve had more than one job, chances are you have more than one super account. You may have multiple accounts from when you’ve changed jobs, or you could even have an old account from a long-forgotten job. Either way, having multiple accounts could mean paying multiple fees and possibly insurance premiums, which could be eating into your retirement nest egg.
Having one super account makes it easy to keep track of your super. Plus, you’ll only ever pay one set of fees and costs, meaning you may have more savings in your super account to invest and grow.
Before you consolidate
1. Do your research
Many people don’t pay much attention to their super and may think all funds are the same. But they’re not. Find out what you can about the fund you want to roll into. Does it have low fees? Does the fund have a proven history of strong long-term returns? Does it offer competitive and flexible insurance cover that suits you, and does it provide investment options that meet your risk profile and preferences and align with your values?
It’s important that you’re happy with your stapled fund, that it’s performing well, and offers value for money. After all, this may well be the fund your super contributions will be paid into over your working life (unless you decide to change it).
The comparison tool, set up by the government to help you compare funds, can also help.
2. Something you should consider before you go ahead
When you’re ready to consolidate your super, check with your existing super fund(s) whether there are any fees or charges that may apply when exiting the fund or if there are any loss of benefits, such as insurance cover. You should claim a deduction for any personal contributions you made to your other super account before any rollover.
3. Consider obtaining advice
Speaking with a qualified superannuation adviser or financial planner may help you maximise your super savings.
This information is general advice which does not take into account your personal financial objectives, situation or needs. Before making a decision about Vision Super, you should think about your financial requirements and consider the relevant Product Disclosure Statement and Target Market Determination issued by Vision Super Pty Ltd ABN 50 082 924 561 AFSL 225054.
