I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Consolidating your Super

Moving each of your supers into one super account (known as “consolidating your super”) might aid you save on payments and make the managing of the super easier.

Why have you not consolidated?

The Association of Superannuation Funds of Australia revealed the main reason people have not combined their accounts is that they just have not gotten around to it. Twenty percent of people also do not know how to do it. Another reason individuals have numerous accounts, they believe it would be too complicated or difficult to consolidate.

To consolidate or not to consolidate?

A few explanations you might like to move numerous accounts into one take in:
• paying one set of payments: you settle administration as well as other payments on every super account
• less paperwork: having one fund implies only one paperwork (like funds reports, annual statements)
• if you have one account to monitor and one super fund to notify if you changed your address, there is less risk of you winding up with lost accounts
• It is easier to deal with your investment plan if you only have one account instead of having your superannuation spread across numerous funds and in various investment options.

Reasons for having more than a fund include:
• A couple of funds charge you an exit fee to be able to transfer the super into the other fund. This payment can be rather high
• you could lose insurance benefits you will not acquire from another super fund
• sometimes it is not likely for the transfer of cash out of the account (for example, if you’re in defined benefit fund)
• you may essentially desire more than just one superfund, taking advantage of inexpensive insurance in a particular fund or boost various investment options.

Before consolidating your super, you need to find your lost super first. If you have problems locating your super, you can opt for the assistance of www.australiansuperfinder.com.au. They will help find your lost super for you. Call them at 1300 252 167

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