If you’ve had more than one job, chances are you also have more than one super account, especially if you have been happy to go with your employer’s default fund.
Moving all your super into one account (known as ‘consolidating your super’) might be able to help you save on fees and make managing your super easier.
And be sure to check your employer has your correct superannuation details.
This is the easiest and quickest way to move all of your super into one account. You can contact either the fund you want to move your money into or your current fund to let them know you want to consolidate your accounts.Strategic Insight, Marketer View – Retail managed funds, September 2017.Usually, you can consolidate your accounts at any time by using one of the below options.This ensures your account starts earning interest as early as possible.It’s important you ask your employer which fund they’re paying your super into, how much they’re paying and how often.Some employers may also ask for a Letter of Compliance or a Complying Fund Statement from Cbus. By law, your employer is generally required to contribute at least 9.5% of your Ordinary Time Earnings (OTE) into your super account.Cbus encourages employers to pay your super contributions monthly.Having all of your super in one fund means you’re able to maximise growth and may pay less in administration fees.The more you have to invest, the faster you may be able to build your wealth for retirement.Many funds provide a service where they will consolidate accounts on your behalf. Multiple accounts happen when we change jobs and join our new employers default fund, or have an old account from a long-forgotten job.