Consolidating your super
If you’ve had more than one job, chances are you also have more than one super account, especially if you have been happy to go with your employer’s default fund. Moving all your super into one account (known as ‘consolidating your super’) might be able to help you save on fees and make managing your super easier.
Why haven’t you consolidated?
According to recent research conducted for the Association of Superannuation Funds of Australia, the top reason people haven’t consolidated their accounts is because they just haven’t gotten around to it. One in five people also don’t know how to. Another reason people have multiple accounts is that they think it will be too hard or complicated to consolidate. While in the past consolidating accounts involved filling in numerous forms, now all you need to do is use the myGov website.
Some people actively choose to keep a second superannuation fund active to retain fund benefits, like insurance. If you’re unsure about your benefits, it’s time to check your super.
* In today’s dollars.