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Posted by / 31-Aug-2020 20:46

Consolidating super

However, people have been found to have multiple super accounts.

Why should you do to combine your super accounts and how do you do it?

And within that choose an investment that suits your needs and risk profile.

CANSTAR is a great place to start comparing, showing you which super funds offer outstanding value.

Many superannuation funds have fantastic online capabilities and keeping an electronic eye of the balance and performance of your fund is great way to keep your nest egg savings on track!

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.

New research from the Association of Superannuation Funds Australia (ASFA) in November 2016 has found that more people than ever before are consolidating their super, showing that industry campaigns are working.

In fact, the number of people with more than one super fund has halved since October 2013.

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