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Consolidating your super

Consolidating Your Super If you're like most Australians, you have probably worked in more than one job. The chances are then, that you may have super in more than one fund, which could be costing you money unnecessarily.

Save money on fees

Because each of your super funds is likely to be charging you administration fees, you could potentially save money by consolidating your super into one fund under one fee structure. This means you'd only be paying one set of account keeping fees, which in the long run, could mean you are better off.

Tip: Australians have over $9 billion dollars of 'lost' super just lying around from work they've forgotten about, or funds that don't know they've moved address. Speak to an ANZ Financial Planner or visit the SuperSeeker site, at www.ato.gov.au/super to find out if you've got unclaimed super.

 
Keep on top of it

The other benefit of consolidating your super is that it can allow you to keep track of all your money more easily and in this way give you more control of your super. And with only one set of paperwork to keep track of, this makes managing your super much easier.

Tip: Before you move money from a super fund remember to check out your current benefits (including any existing insurance arrangements), as well as any exit fees you may have to pay when you leave the fund. An ANZ Financial Planner can help you check all this, arrange all the right forms and make consolidating your super a simple process.