Benefits of consolidating superannuation
It is best to avoid multiple rollovers if possible.Generally there is a cost to consolidate, but it can be challenging to work out the true cost.The requirements vary from fund to fund, but you generally need to complete a Super Consolidation or Request to Transfer Superannuation Benefits Form, and provide appropriate identification.Before you start, make sure you know which fund you want it all to end up in.You can log in to your online account to keep track of your super anytime and to see the funds that have come in.If you’ve changed jobs, chances are you have more than one Super Fund.
Where you are a member of a corporate fund established by your employer, these comparison websites do not allow for the administration fee discounts your employer has negotiated, nor insurance provided to you automatically without your providing health evidence.The my Gov website will allow you to link all of your government interactions in one place.Once registered, you can link your profile to the ATO website and then view the details for all your superannuation funds.That means only a single set of fees, plus easier account management.If you’ve submitted your consolidation request, we’ll contact your other super funds to transfer your money to us.
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Even if there isn’t an explicit fee, there is a cost.