Benefits consolidating superannuation

25-Sep-2016 05:49 by 10 Comments

Benefits consolidating superannuation

At the same time you can transfer any insurance you have and obtain the same amount of cover with our insurer without having to produce evidence of health.Any super amounts transferred are credited to your Member Account in the same manner as contributions.

Call our Client Services Team for more information.If you do, you could be paying unnecessary fees and insurance premiums.Combining these fees into one fund means you can easily track, manage and review your fund investment at a glance. To consolidate your super, you can transfer your benefits to VISSF from another superannuation fund at any time.To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.The benefits of consolidating superannuation are well documented, yet the Australian Taxation Office (ATO) still holds billion held in lost superannuation and Australians are estimated to hold up to three superannuation accounts each on average.Before consolidating your superannuation, it is recommended that you check the following: Care should be taken when consolidating your superannuation as some important benefits and features may be lost.

Often it can be difficult to determine the fees you are paying and compare the investment performance between superannuation funds because they invest your superannuation in different ways.

Once registered, you can link your profile to the ATO website and then view the details for all your superannuation funds.

The my Gov website also has the functionality for you to rollover or consolidates all your superannuation (within three business days).

A financial planning professional will also help you to understand the insurance terms, conditions and definitions in each of your superannuation funds and assist you to transfer the insurance cover you have in one superannuation fund to another.

Many Australians have super funds from previous employers in a number of accounts.

While this may take a little effort at first, the long-term rewards will make your hard work well worth it.

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