Multiple Super Funds, Should I Consolidate or Not?

"I see my role if needed as a financial mentor but one who can show warmth, practicality and empathy."
-Katherine Hann
March 16, 2017

Multiple Super Funds, Should I Consolidate or Not?

By Katherine Hann

Multiple Super Funds, Should I Consolidate or Not?

 

Many of us end up with more than one super fund. Why?

Sometimes it is just easier when you start a new job to sign a form that allows your super payments to be
made to the most convenient fund for your employer.

This may mean that you end up with multiple super funds.

Is this really the best for you?

Below are some good reasons to only have one super fund:

  • Only one set of fees
  • Less paperwork
  • No lost super accounts
  • Easier to manage your investment strategy

However, sometimes there are good reasons have more than one super account:

  • A large exit fee on a super account
  • Loss of insurance benefits you won’t get from another fund
  • Not possible for you to transfer your money out of an account (eg. if you are in a defined benefit fund)
  • No choice of fund with your employer 

Working out which options are best for you can be confusing, and that is why you should speak with a financial adviser who is an expert in
determining the best outcome for your unique situation.

Get in touch with Katherine Hann on 08 8299 9927 or at katherinehann@internode.on.net for a no-obligation discussion.