If you’ve ever changed jobs or moved, you might have lost track of a superannuation account. That account still has your funds in it; here’s how you can claim it.
Why should you consolidate your super?
Here are some of the potential benefits of consolidation:
- Save on fees
- Control your investments
- Cancel any unwanted insurance.
Before you consolidate any fund you should check:
- Any exit fees that may apply
- That the level of insurance cover and benefits in your chosen fund will meet your needs.
Some super accounts default to the ATO after the funds are unable to contact the owner. While the money is safe it isn’t accruing interest or growing, meaning it’s not working as hard for you as it should.