Maximise your super by consolidating your funds

Having more than one super account is reasonably common but can actually deplete your retirement fund through the duplicate fees and costs that will be accrued. In this instance, you may want to consider consolidating your super funds which simply means to put all of your super together into one account. This will reduce fees and will ultimately make it easier for you to monitor your savings.

But it’s not always as simple as moving money from one account to another. There are a few things that you will have to consider before consolidation:

  • Termination fees
    A lot of superannuation accounts will have a fee attached to termination. This fee will likely not be very high. For example, a fund my have a fee for the first withdrawal (regardless if full or partial) and a $25 fee for every withdrawal after that. Doing your research into the fees of your individual funds will give you an indication of whether it is better to withdraw in full or perform multiple partial withdrawals.
  • Insurance
    Different funds have different levels of cover attached to them. Make sure you are consolidating into a fund with the appropriate level of insurance for you.
  • Employer contributions
    Your employer will need to know which fund you are switching to and how to identify you so that they can continue providing you with contributions.

It is important that you do your research to ensure that you are getting the best deal for your super. If you are thinking about consolidating your super it is a good idea to get professional advice first. If you would like some support go to the Enquire&Book page to book a consultation with one of our friendly financial advisers. Alternatively, call us on 3812 1420.


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