If you have ever changed job, chances are you have more than one super account. Consolidating your super simply means combining all of your funds into a single account. It’s surprisingly easy and you might even find some lost super along the way. Afterall, nearly $18 billion goes unclaimed in Australia.
Why is consolidating my superannuation important?
In case you still need convincing, here are 3 reasons why you should consolidate your super:
- You will only pay one set of fees, meaning that you don’t have multiple fees eating into your retirement savings.
- There is a much smaller chance that you will end up with lost super, as you only have to keep track of one superannuation fund.
- When you only have to keep track of one account, it is also easier to prepare and save for retirement.
Click here to read even more steps you can take to boost your super once you’ve consolidated your accounts.
Is consolidating your super difficult?
The process to consolidating your superannuation is much easier than most people realise.
These are the 3 simple steps you can take:
- Gather your tax-file number and the details of your previous super fund accounts.
- Login to your online REI Super account.
- In the “Contributions” menu select “Rollovers/Transfers In”. Then click Click “Online rollover request” and follow the prompts.
Before you consolidate your super:
- Review any other benefits with your previous super accounts including insurance cover. If you choose to leave your current fund, you may lose your insurance benefits. Make sure you have adequate insurance cover before consolidating your super.
- Check if there are any fees for leaving other super funds.
- Consider getting financial advice to help you compare the benefits and costs of switching funds. Call our helpline for more information: 1300 13 44 33
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The products or services being advertised are provided by third parties not REI Super and therefore will not be the responsibility of REI Super. REI Super may invest in these third parties but does not receive any payments or commissions from these organisations as a result of members using the products and services. Members should make their own assessment and seek professional advice as to the suitability of such products or services for their individual needs.
* This information has been issued by Industry Fund Services Ltd (Industry SuperFunds). This information does not take into account your situation and you should consider if these products are appropriate for you.