If superannuation is something you haven’t paid a lot of attention to, you may have accounts that you didn’t even know about. Consolidation is something you might want to consider to get your super working for you.
Rest assured – taking control of your super has never been easier. You can avoid paying multiple sets of fees and start taking control of your retirement.
Consolidating your super
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Show Transcript
AustralianSuper employee (Lauren):
It’s a trap we can easily fall into… Have you ever moved jobs or changed your name?
Then there’s a chance you have multiple super accounts without realising. This has led to over $13 billion dollars in lost and unclaimed super in Australia.
With multiple accounts, your hard-earned savings could be hit with more than one set of fees which can have a huge impact on your super balance over the long term, and in uncertain times, it's something you want to get right.
Luckily, it’s easy to take control by combining accounts so that your super is all in one place, with one set of fees. You can use the ATO or AustralianSuper websites to consolidate your accounts, and set your super up for long term success.
End Frame: It’s Australian. It’s super. And it’s yours.
Disclaimers:
Total of lost and unclaimed super as at 30 June 2020. Source: ATO
Before combining your super, ask your other super provider about any fees or charges that may apply, and other information about the effect this transfer may have on your benefits, such as insurance cover.
Read the PDS and TMD at australiansuper.com. AustralianSuper Pty Ltd ABN 94 006 457 987 AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.End Transcript
Top 3 takeaways
1. Avoid paying multiple sets of fees for your super.
By consolidating your super, you put all of it in one place and with one super fund. That means only a single set of fees, plus easier account management.
2. Consider combining your accounts so that all your super is in the one place.
Having your super in one account makes it easier to manage, and your super could benefit from compounding returns over the years.
3. Visit the ATO or AustralianSuper to consolidate your accounts.
It doesn’t hurt to check, make sure you know if you have multiple accounts. Visit the ATO.
Note
to members
Before combining your super, ask your other super provider about any fees or charges that may apply, and other information about the effect this transfer may have on your benefits, such as insurance cover.
This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD.
AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.
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