Consolidating super

13-Mar-2017 11:07

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.

ASFA points out that the younger you are, the more you will benefit from making small changes to the way you manage your super.

Former CEO of ASFA Ms Pauline Vamos said, “Every dollar you save on unnecessary fees, or every dollar of lost super you find, is worth seven times more to your retirement savings.

Complete our form-free hassle-free process by combining online or over the phone.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.All super funds are required by law to provide you with an annual member statement following the end of the financial year on 30 June, but some funds may send statements every six months or on a more frequent basis.

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If you have changed your name, address or job, your fund may no longer be able to reach you.

That’s why it’s important to look at consolidating or rolling all your super into one account.