Why rollover your super accounts?
You’ve probably received a myriad of emails from your super fund about combining your super. Especially if you’ve got multiple super funds. If you’ve received quite a few of these emails, they’re probably getting easy to ignore. But have you ever thought about how much combining your super accounts could actually benefit you?
If you do one thing for your super account this year, maybe it should be to roll all your accounts together.
Here’s our top three reasons to combine your extra super accounts into your Intrust Super account.
1. Save on fees
Multiple accounts can mean multiple fees – especially if you’ve got insurance policies attached to your other super accounts. Moving all your super into one account means you’ll only have one set of admin fees and insurance policies to pay*. And your retirement savings won’t be eaten away unnecessarily.
See below for an example of the difference that lower fees and costs could make to your retirement.
Source: ASIC’s MoneySmart ‘Super Fees’
Assumptions: Salary $50,000, $20,000 in super at age 30 before changing funds, retires age 65. Calculated using ASIC’s superannuation calculator, assuming 8% returns, no other fees, no insurance premiums and no changes to salary.
2. Protect your insurance
We’ve mentioned before that some changes could be coming to insurance in superannuation. These changes are currently subject to legislation being passed in Parliament. If these laws take effect, and your Intrust Super account balance is less than $6,000, or your account hasn’t received a contribution in over 13 months, your insurance could be in danger of being cancelled. If you don’t have any other personal insurance, this could leave you financially vulnerable to illness or injury. By combining your extra super into your Intrust Super account, you might be able to prevent your insurance being cancelled.
3. Grow your balance altogether
Consolidating your accounts means all your super savings can grow together, leaving you with more money for your future! Keeping your super together makes it much easier to track your growing retirement savings. And you don’t have to invest it all in one investment option either. You can choose to spread your super savings across multiple investments – and even keep some in cash if you’d prefer.
Keen to give it a go? Get started by logging in to your MemberAccess account and clicking the ‘Find extra super’ banner.
*When consolidating your super funds, you should ensure that you consider the adequacy of your insurance cover and policy terms under your existing superannuation accounts.