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New job resolution - consolidate your super

New job, fresh start

Starting a new job can be exciting. It’s also a great time to start fresh and sort out other areas of your life.

Within your first week you will probably be asked which super fund you would like your employer contribution payments made to. If you’ve got many super accounts you’ll be paying many fees and now is the best time to sort that out! We can help you and it’s easy.

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.

How do I consolidate / rollover?

In most cases, super consolidation is very easy, and can all be done online in three basic steps.

  1. Decide which funds you want to transfer out of and consolidate into.
  2. Get all your fund details together, especially your membership numbers (found on your annual superannuation statements) and have your Tax File Number (TFN) handy.
  3. 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.

Things to consider before consolidating

Different funds have different investment options 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:

  1. It offers the same types of insurance options that your old funds offered (e.g. Death and Disability insurance and Income Protection cover)
  2. Your employer can pay into it and
  3. It has all the services that you want from a super fund

NB: Before consolidating or rolling your super into one account, make sure your chosen fund has adequate insurance cover.

 

Consider a fund’s Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision.