Consolidating your super
In October 2013, approximately 33% of the survey respondents had more than one superannuation fund because they hadn’t got around to consolidating them yet.
While in the past consolidating accounts involved filling in numerous forms, now all you need to do is use the my Gov website.
We are always on the look out to make it as easy as possible for our clients to take control of their superannuation.
Former CEO of ASFA Ms Pauline Vamos said, “Every dollar you save on unnecessary fees, or every dollar of lost super you find, is worth seven times more to your retirement savings.
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.
According to the Australian Taxation Office (ATO), more than 6.3 million people, or 45% of the workforce, were unaware that they hold multiple super accounts in 2016 – and are therefore very probably incurring more than one set of fees.
In fact the ATO’s database shows that 1.2 million people are members of three or more super funds.This information hasn’t taken your circumstances into account. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.All information on this website is subject to change without notice.Before making a decision to combine your super, you should ask your super provider about any fees or charges that may apply, or any other effect this transfer may have on your benefits, such as insurance.Superannuation is a trillion-dollar industry that the vast majority of Australian workers are invested in, whether it is voluntary or legally obliged.The more you have to invest, the faster you may be able to build your wealth for retirement.