Consolidating your super is simple. You just need your Tax File Number, your Hostplus member number and the details of any other super funds you might have. We can do the rest.
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.
Having all of your super in one fund means you’re able to maximise growth and may pay less in administration fees.
The more you have to invest, the faster you may be able to build your wealth for retirement. However you should consider your insurance arrangements before consolidating your accounts.
It only takes a few minutes. You don’t have to work extra hours or pay more into your super fund, just merge them all into one. One of the reasons why a consolidated account earns money faster is due to compound interest.
Discover the secret power of compound interest^
Compound interest is simply money making money. Interest is paid on your original amount. Let’s say $2000 earns 10% interest in the first year. That’s $200 interest earned.
In the second year, your original investment of $2000 has grown to $2200 thanks to the $200 interest. Your new balance of $2200 earns 10%. This time you get $220 worth of interest after a year.
In the third year your primary sum is $2420.
Even with this very basic example you can see how quickly compound interest grows your money.
The longer you have multiple super funds the longer you’re paying unnecessary administration fees and potentially earning less interest.
Consolidating your super funds into one is the quickest way to grow your super.
Fill out our online request form to arrange the rollover of your super accounts into Hostplus. Online consolidation is available at no extra cost to you.
All you need is:
^Examples are for illustrative purposes only and subject to the assumptions and qualifications disclosed.