Keeping all your super in one place is a smart move. In this article, we’ll look at the case to consolidate.
Why you should consolidate your super
Around 40% of us have more than one super account1 – this is usually a result of starting a new job. In fact, Aussies hold at least $14 billion in ‘lost’ super accounts – money they’ve probably forgotten about. It’s an astonishing amount – the gross domestic product (GDP) of Malta or Mongolia. Around $600 for every man, woman and child in the country.1
There are a number of advantages to combining your super savings into a single account. It will make it easier to keep track of your money, cut down on paperwork, maximise your super savings and potentially reduce the amount of account fees you have to pay.2
Little effort. Big payoff.
You can roll your super into a single account electronically or via paper form, the old school way. And because we like to make things easy, MLC, our superannuation specialists, will even help you set up an account and find any lost super hiding out there.
Before you make the decision to consolidate, it’s important that you:
confirm that your new fund will offer you (and you can obtain) appropriate insurance cover3 to replace any cover you may lose if you change funds
check to see if there are any termination or exit fees from your current fund
compare the total fees with your existing funds
ensure you lodge your ‘Notice of intent’ with the Trustee and an acknowledgement is received (if you intend to claim a tax deduction for personal contribution/s made to the current fund)
consider the impact on the tax and preservation components of each of your existing funds
check with your employer that they’re able to contribute to your chosen fund.
One account, one set of fees, one less thing to stress about
You can consolidate your super with us at any time online. Simply choose one of the options below and we’ll get started. Not an MLC member? Call us on Phone 02 4342 1888 to explore these easy steps you can take to join one of Australia’s largest retail superannuation providers.
Reproduced with permission of National Australia Bank (‘NAB’). This article was original published at https://www.nab.com.au/personal/life-moments/work/plan-retirement/consolidate-super
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