Consolidating your super
If you’re like most of us, you probably have more than one super fund. That means you’re paying multiple fees, which can add up over time. It’s all about maximising your savings for your retirement by consolidating all your existing super into the one fund.
Benefits of consolidating your super
Consolidating your super today will give you the control to create the future you want.
Saving for your retirement
If you’ve got multiple superannuation funds, you could be paying a lot more than you need to. Not only for administration fees, but also for things like insurance. Consolidation of your funds could mean you have more money stowed away for retirement.
Saving you time today
Consolidating can make your super easier to manage. Having fewer points of contact makes things less complicated. If you roll over your super into one fund, you’ll have more control of your investment strategy and paperwork, and less chance of losing track of your super later on.
How to consolidate your super
There are two key things you need to look at when consolidating your super:
Rolling over from existing super funds
First you’ll need to find the funds you have superannuation in and consider moving all your money into one fund of your choice. This will reduce your fees and help you streamline your insurances.
Virgin Money Super can help you consolidate super easily through your online account. All you need are the details of your other funds including the super product name, as well as the name of the super provider and your member number.
Finding lost super
Did you know there is over $14 billion of ‘lost’ and ATO-held superannuation in Australia?^ You could be one of many Australians with lost super.
You may have super sitting somewhere you can’t quite put your finger on. Not to worry! You’ll have the ability to find and consolidate your lost super within your online account. Give us permission to search for your other super on your behalf and we’ll do it all for you. Bring all your super accounts together in less than 10 minutes – no forms, no hassle.
To find and reclaim your lost super, login to your online account and use our super consolidation tool. In just a couple of minutes, you can find and consolidate all of your super accounts.
Just remember, before you roll-over or consolidate your superannuation, be sure to check to see if insurance or other benefits will be impacted or lost. Some funds will also charge withdrawal or exit fees.
^ Source: https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/