Consolidating your super means moving all your super into one account. It makes your super easier to manage, and saves on fees.
Things to do before consolidating your super
Before you change out of a super fund, there are few things you need to do to make sure you don’t lose important things like insurance.
Check employer contributions
Check your current accounts to see if changing funds will affect how much your employer contributes. Some employers contribute more to certain funds.
Check your insurance cover
Before you leave a fund, check to see if you have any insurance through the fund. This might be life, total and permanent disability (TPD), and/or income protection insurance.
If you change funds, you might not be able to get the same cover. Be particularly careful if you have a pre-existing medical condition or are aged 60 or over.
If you’re not sure, get independent advice from a licensed financial adviser.
Tell your employer
Whether you choose a new super fund or one of your existing ones, give your employer the details they need to pay your super into your chosen account.
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