Chances are, like many Australians you could have more than one super fund. The thing is, most of us stick to one personal savings account to save on fees and keep better track of our spare cash. Yet, doubling up on super funds means wasting money on unnecessary fees and insurance premiums – money that is yours for the future.
That makes it worth giving your superannuation savings as much attention as your day to day savings account.
What to weigh up
Before consolidating your super into a single account, it’s worth taking a moment to check the features and benefits offered by your other funds. Be sure you won’t miss out on any valuable perks.
Also, give careful thought to the level of insurance cover held with your other fund(s). In particular, be wary of switching funds if you have an existing medical conditions – you could get knocked back on insurance with another fund for any conditions you currently have, and if you have already cancelled your existing insurance you would be left uncovered as a result.
Finally, confirm that your employer can contribute to your chosen fund. If your job is governed by say, a workplace agreement, it may specify the fund or funds into which payments must be made by your employer.
Your financial adviser is well-placed to provide expert advice on tracking down lost super, consolidating your super into one account – and choosing the super fund best suited to your needs.
See the potential impact on your balance if you consolidate multiple super accounts to the lowest fee account.
Please note that fees are just one consideration when choosing to consolidate, and your financial adviser can help you select the super fund that suits you.