1. You'll pay less fees
Every super fund charges fees. Some are the costs of administering and running your account. Others are paid to the investment managers you invest with. And there are also transactional fees that you're charged if you switch your investment options. By consolidating your accounts into one, you’ll reduce the amount of fees you pay.
2. You’ll have a clearer view of your investment strategy and performance
If you have multiple super accounts, it’s likely that you have multiple investment strategies as well. This can make it difficult to work out whether your super is invested in a way that suits your investment needs. Consolidating your accounts means you’ll know exactly how your super is invested and how it’s performing. It’s far easier to keep track of it that way.
3. You won’t pay multiple insurance premiums
If you have insurance cover for each of your super accounts, that means you’re paying multiple sets of insurance premiums and may have more insurance than you actually need.
4. You may end up with significantly more money at retirement
Paying less fees and insurance premiums, combined with the power of compounding returns, means you’ll likely grow your retirement savings faster.