Consolidating your super is a simple step that could make a difference to your super savings and help make tracking of your money easier.
If you have ever changed jobs, chances are that you have more than one super fund. By putting all your super money in one fund you could:
– Pay just one set of fees and charges, which would save you money. With one fund you pay one set of fees instead of several;
– Make managing your super easier. One fund means one set of paperwork to keep track of.
– Be better placed to manage your superannuation investment strategy and asset allocation.
It’s important to do some research before you decide whether or not to consolidate your super funds.
– Contact your funds and find out what your current benefits are, and what will happen if you transfer your money to another fund. Make sure you find out if you will be charged transfer, withdrawal fees or exit fees.
– Compare the fees and investment options available in your main fund to those in your other funds. You should include all fees that may be charged when you transfer.
– If your current funds provide you with insurance cover, find out what will happen to the cover when your transfer. Check and compare the levels of cover in your new fund to ensure you are still happy with the overall cover provided.
Once you have all this information, you will be in a good position to decide whether it is best for you to transfer your benefits into one particular fund.
If you are making any major decisions in regards to your superannuation it is important that you seek the professional advice of a financial planner or accountant. This will ensure you are making the best choices for your financial goals. Here at The Quinn Group we can assist you with any of your superannuation queries. Submit an online enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 for further assistance with consolidating your super.