According to the ATO*, around 40% of account holders have super with more than one fund.
Multiple funds can mean multiple account keeping fees, extra paperwork and sometimes, extra insurance fees.
Read more about consolidating below including the relevant things to consider.
Multiple accounts can mean multiple sets of fees, and sometimes duplicate insurance policies. When you consolidate your accounts to one fund, you save on these costs.
With all of your super in one place you can manage all of your administration in one location. Switch up your investment portfolio, update your beneficiaries, change your address and more, quickly and easily with Hostplus Member Online.
Compound interest is an important part of superannuation growth. When your super earns interest, this is paid into your account on top of your existing balance. Then the new balance can go on to earn more interest, helping you reach your retirement goals.
Before consolidating to Hostplus, you should consider whether it is the right financial decision for you, including whether you will be charged any exit fees by the fund/s you are exiting and what impact it will have on your insurance cover or any other benefits, including overall returns. If you have any questions please speak with a financial planner.
*Source: www.ato.gov.au The information on this page is of a general nature and does not take into account your personal situation. You should consider the relevant funds’ product disclosure statements and your objectives, financial situation and needs, which are not accounted for in this information before making a decision to consolidate, which is an investment decision. Issued by Host-Plus Pty. Limited ABN 79 008 634 704, AFSL No. 244392, RSEL No. L0000093 as trustee for the Hostplus Superannuation Fund ABN 68 657 495 890, RSE No. R1000054, MySuper No. 68657495890198 which includes Hostplus Pension.