Consolidating my superannuation

24-Nov-2019 02:55

Before making a decision to combine your superannuation, you should consider any penalties such as exit fees, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser.

The easiest way to find your other fund details is by reading your super account statements.

Insurance offered by superannuation funds includes life insurance, total and permanent disability insurance and income protection insurance.

Before you close a superannuation fund ask if you have any of those insurances attached.

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This can be a good way of combining super at the same time as submitting forms to join the fund.Why should you do to combine your super accounts and how do you do it?According to the Australian Taxation Office (ATO), more than 6.3 million people, or 45% of the workforce, were unaware that they hold multiple super accounts in 2016 – and are therefore very probably incurring more than one set of fees.Registered users can find ATO-held super, and also view the details of all your super accounts, including any that you may have lost track of or forgotten about.Just create a my Gov account and link it to the Australian Tax Office. If you've changed jobs a few times or regularly work on short projects, you may have accumulated multiple super accounts over the years.

This can be a good way of combining super at the same time as submitting forms to join the fund.Why should you do to combine your super accounts and how do you do it?According to the Australian Taxation Office (ATO), more than 6.3 million people, or 45% of the workforce, were unaware that they hold multiple super accounts in 2016 – and are therefore very probably incurring more than one set of fees.Registered users can find ATO-held super, and also view the details of all your super accounts, including any that you may have lost track of or forgotten about.Just create a my Gov account and link it to the Australian Tax Office. If you've changed jobs a few times or regularly work on short projects, you may have accumulated multiple super accounts over the years.Many superannuation funds have fantastic online capabilities and keeping an electronic eye of the balance and performance of your fund is great way to keep your nest egg savings on track!