Consolidate (rollover) your super and save
Every superannuation fund charges fees for managing your super investment. These fees, especially those charged by Industry SuperFunds, 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.
Things to consider before consolidating
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.
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 / rollover?
In most cases, super consolidation is very easy, and can all be done online in three basic steps.
- Decide which funds you want to transfer out of and consolidate into.
- Get all your fund details together, especially your membership numbers (found on your annual superannuation statements) and have your Tax File Number (TFN) handy.
- Contact your chosen fund or visit their website to complete the rollover form which allows them to take care of the rest for you. Some Industry SuperFunds can even help you to find all of your other accounts.
If you have any questions, contact your super fund, and they should be able to help you out.