Consolidate your super

July 28th, 2010 | Accounting News, Consumer News, Financial Planning News

Consolidating your super is a simple step that could make a difference to your super savings and help make tracking of your money easier.

If you have ever changed jobs, chances are that you have more than one super fund. By putting all your super money in one fund you could:

– Pay just one set of fees and charges, which would save you money. With one fund you pay one set of fees instead of several
– Make managing your super easier. One fund means one set of paperwork to keep track of
– Be better placed to manage your superannuation investment strategy and asset allocation

It’s important to do some research before you decide whether or not to consolidate your super funds:

– Contact your funds and find out what your current benefits are, and what will happen if you transfer your money to another fund. Make sure you find out if you will be charged transfer, withdrawal fees or exit fees
– Compare the fees and investment options available in your main fund to those in your other funds. You should include all fees that may be charged when you transfer
– If your current funds provide you with insurance cover, find out what will happen to the cover when your transfer.  Check and compare the levels of cover in your new fund to ensure you are still happy with the overall cover provided

Once you have all this information, you will be in a good position to decide whether it is best for you to transfer your benefits into one particular fund.

Here at The Quinn Group our experienced team of Financial Planners, Accountants and Lawyers can provide you with the total solution and assist you with all your superannuation needs. For advice about consolidating your superannuation and to get the best chance at the lifestyle you want, contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.

The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.