Consolidation simply means moving all of those funds into one account.
Consolidating your super is not just about saving money in fees, it’s also about giving your super the potential to really grow.
With the power of compounding returns, the money you save in fees could really help grow your super balance.
Different funds have different regulations and offer different services.
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.
Secondly, your decision to move money out of a super fund could impact the level of insurance cover or other benefits you had with that fund.
For example it’s possible your insurance cover could be discontinued when you move between funds, or you may not be able to obtain equivalent cover in the new fund.Every superannuation fund charges fees for managing your super investment.These fees, especially those charged by Industry Super Funds, may be quite small, but if you have super with more than one fund, then you’re paying fees on every account – and 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.There are new rules designed to keep super safe from money laundering and terrorism-financing for all Australians.