While in some cases this outcome may be intended, more often than not the creation of multiple accounts is unintended and mainly occurs
when employees change jobs and do not nominate the same (or any) account for their super guarantee to be paid into.
These multiple super accounts are costing Australians an extra $690 million in duplicated administration fees and $1.9 billion in insurance premiums per year, which is eroding many Australians’ hard earned super benefits.
If you are one of these individuals with multiple super accounts, there may be benefits to rolling your accounts onto one super fund.
There are a number of benefits of rolling your accounts into one fund, including:
Before you consolidate your funds, there are a few things you should consider, including:
HOW TO CONSOLIDATE
Consolidating your super is now easier than ever, using ATO online services or your myGov account. If you’re not sure whether you might
have other super accounts, you can also search for lost or unclaimed super via the ATO or by logging into your myGov account linked to the
ATO and clicking on Manage my super.
If you have any questions, please reach out to your local Forsyths office on 1300 447 007.
This information is of general nature only and is not intended as a personal advice. It does not take in to account your particular investment objectives, financial situation and needs. Before making a financial decision, you should assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. We recommend you consult a professional financial adviser who will assist you. Any references to past investment performance are not an indication of future investment returns. You should also obtain a copy of and consider the Product Disclosure Statement (PDS) for any financial product mentioned before making any decision to acquire a financial product.