Most of us have more than one super account. Multiple accounts happen when we change jobs and join our new employers default fund, or have an old account from a long-forgotten job. Whatever the case may be, there could be duplicated administration fees and insurance premiums eroding your superannuation savings. Sometimes older forgotten about accounts may be transferred to the ATO as lost super, while the ATO don’t charge account fees, any money held with them will earn interest calculated at a rate using the Consumer Price Index (CPI). See ato.gov.au for more information about CPI.
By having one super account, it’s easier to keep track of your super with less paperwork and administration. And, although your investment return depends on the investment options you choose and how they perform, once you’ve consolidated, you’ll only pay one administration fee, maximising the funds in your account to invest.
Before consolidating your super, you should check with your existing super fund on whether there are any fees or charges that may apply or any loss of benefits, such as insurance cover. If you have insurance cover with another super fund, you may be able to transfer that cover to Hostplus.
To find out if you are eligible visit hostplus.com.au/insurance to learn more.
You may also find it beneficial to obtain advice from a licensed financial adviser1.
The longer you have multiple super funds the longer you’re paying additional administration fees.
By logging in to your Member Online account, you can simply enter in the details of other super account(s) you hold to start the consolidation. Online consolidation is available at no extra cost to you. If you’re not sure of the other super account(s) details, you can search for them online via myGov.
All you need is:
1. Hostplus has engaged Industry Fund Services Limited (IFS) ABN 54 007 016 195, AFSL 232514 to facilitate the provision of personal financial advice to members of Hostplus. Advice is provided by financial planners who are Authorised Representatives of IFS. Fees may apply. Further information about the cost of advice is set out in the relevant IFS Financial Services Guide, a copy of which is available from your financial planner.