News
Research undertaken by Rest Super showed that nearly 20% of Australians have no idea how many super funds they currently have. One third of these participants also admitted to having more than one superannuation fund, however they had not taken action to consolidate them.
Members with more than one super fund need to realise they could be potentially losing thousands of dollars of their retirement savings to fees, charges and super becoming lost.
By consolidating your super you will not only be able to keep track of how much super you have a lot easier, you will only be paying fees and administration costs once, rather than three or four times. Just remember at the end of the day it is your money, so where would you rather it go; in your pocket or the funds? Just be sure to check any insurance or other benefits you may lose or exit fees, before doing so.
A great and effective way to start consolidating your super is to utilise the Australian Taxation Office's SuperSeeker tool at www.ato.gov.au. This tool is designed to help Australians to find their lost super by providing their tax file number.
For more information or to consolidate your super contact the fund on 9480 3500 or 1300 99 85 42 (country callers).
Scoop on Super
Scoop on Super is WA Local Super's newsletter which is posted to all members.