Consolidating your superannuation is one of the most important steps you can make in taking control of your superannuation savings.
Typically in Australia, if you change jobs, a new superannuation account with a new fund will be created for you, quickly leaving many clients with two or three funds. The record number of superannuation fund accounts I have consolidated on behalf of a client is seven.
Most people easily understand the problem with having multiple superannuation accounts. It quickly leaves to a duplication of management fees and other expenses, with the long term effect that you end up with less in terms of your overall savings.
The reason why people accumulate so many superannuation funds is because superannuation funds typically make it so hard to consolidate or roll your savings across into one single fund. They make it hard because they don’t want to lose their business and they know from experience that most Australia’s will simply give up.
At Osmonds Accountants and Financial Planners consolidating superannuation accounts on behalf of clients is one of our core activities. Because we do it all day every day, we have become quite good at it.
It doesn’t mean that superannuation funds don’t make it difficult for us. They do. However, we never give up. We just slowly and methodically work through the issues until all your accounts are rolled over into the one superannuation account and all your risk insurance has been consolidated into one appropriate policy.
I believe consolidating your superannuation accounts is the single most important step you can take if you are serious about taking control of your superannuation as the potential cost savings can be very significant.
Talk to us today about working with you to achieve this one simple goal. In addition, we are usually paid directly from your superannuation account, so there are no out-of pocket expenses incurred by yourself.