If you have more than one super fund, we have found 9 times out of 10 you are doubling up your fees. This compounded over many years will impact your retirement savings. Let us show you how saving even just $500 a year on average in fees for the next 30 years will add $35,500 to your super balance at retirement.
Things to consider before moving your money
We can assist you with all of the following, present the facts, therefore allowing you to make an informed decision:
- Look at your other super plans and compare the fees, features and benefits (such as investment options and insurance cover) with your Super account
- Check whether your other super plans will charge you any transfer, withdrawal or exit fees if you move your super
- See if you’ll lose any insurance cover that you have in your other super accounts when you consolidate, as it will often be cancelled and you may not be able to obtain equivalent cover in the new fund. Insurance does not automatically transfer when you consolidate.
Just because you’re changing jobs doesn’t mean you need to change your super.
Having one super account can help you save on fees and avoid the hassle of managing multiple super accounts. It can also help make it easier to keep track of your super and see if you are on track for the retirement you would like