Consolidating superannuation funds

x Life Insurance - Call xlife 1300 135 205Life insurance & Income Protection insurance from the top life insurance companies in Australia.Compare 500 options & Save up to 20% on your life insurance & income protection.The my Gov website also has the functionality for you to rollover or consolidates all your superannuation (within three business days).Tax Office figures show that over 14 million Australians have a super fund account and around 45% of these people have more than one super account.Australian Super may invest in these third party providers, but does not receive any commissions from these organisations as a result of members using their products and services.Grant Thornton uses cookies to monitor the performance of this website and improve user experience.Transferring multiple superannuation balances into a single account may offer some advantages.It could mean saving on account keeping fees and this can potentially make a significant difference to the value of your final super balance when you decide to retire.

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Having more than one superannuation account could mean paying multiple sets of account keeping fees as well as making your super harder to manage and keep track of.

With just one account to keep track of, you'll have only one set of statements to read and file.

Important information: In calculating historical returns for Australian Super, where only one of the merging funds (ARF or STA) previously offered an equivalent to an option in the new product suite, the returns for that option have been used.

Before requesting a transfer, it's a good idea to check with your other fund/s to determine whether there are any exit or penalty fees for moving your benefit, or other loss of benefits, such as insurance or pension options.

In addition, if your other super fund is untaxed there may be tax implications to consider. Complete the Consolidate with QSuper form, including the details of your other fund 2.

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