Benefits of Consolidating Super Accounts

1. Lower Fees: Each super account charges fees for administration, investment management, and insurance. Consolidating into one account reduces these duplicate costs.
2. Easier Management: With a single account, you only need to monitor one balance, set of fees, and investment strategy, making it simpler to track your savings.
3. Avoid Lost Super: Superannuation accounts can become lost or inactive over time. Consolidating ensures all your savings are in one place.
4. Maximised Investment Growth: Larger balances often result in better investment opportunities, helping your super grow faster over time.
5. Improved Transparency: By consolidating, you get a clear view of your retirement savings, making it easier to plan for the future.

Consolidating your super funds is a straightforward process and can have significant long-term benefits. Before consolidating, compare the fees, insurance, and investment options offered by different funds.

For guidance on combining accounts, visit our How to Combine Your Super Accounts page.

FAQs

Q: What should I check before consolidating my super?
A: Review the fees, insurance policies, and investment options of each account to choose the best fund for consolidation.

Q: Will consolidating super affect my insurance cover?
A: If you have insurance attached to your super, consolidating accounts may result in the loss of cover. Check with your fund before making any changes.