Consolidating superannuation accounts
A quick check of a comparison tool from a super fund ratings house, like Chant West's Apple Check, will show you how we stack up.Any insurance you have with your other fund(s) would normally be cancelled when you roll out.There are some important things to consider before you combine your super: Through your working life, you may have been paid superannuation into many different funds. We offer a members service to search for lost super.
If you'd like to get a full view of your account activity online, log into Member Online.
By simply logging into my Gov or creating a my Gov account, The ATO can help you to see details of all of your super accounts including any you have lost track of or forgotten about.
They can then help you to transfer funds from the account or accounts you no longer want into your chosen fund.
The more you have to invest, the faster you may be able to build your wealth for retirement.
However you should consider your insurance arrangements before consolidating your accounts. You don’t have to work extra hours or pay more into your super fund, just merge them all into one. Let’s say 00 earns 10% interest in the first year. In the second year, your original investment of 00 has grown to 00 thanks to the 0 interest. This time you get 0 worth of interest after a year. Even with this very basic example you can see how quickly compound interest grows your money.