The benefits of consolidating your super

All / 19.09.2019

The benefits of consolidating your super

What makes us change? Why do we resist making improvements in our lives? Often you know you should take some action but … but … there is always a reason not to.

Let’s take an example

You’ve had a few jobs over the years and been paid superannuation during each one. You have a number of super funds and you forget all about them until the annual statements arrive by mail or pop up in your inbox. Now you feel worried and confused. What does it all mean? Have I got them all? Is my money still safe? Am I paying for multiple insurance policies? What should I do with all this paperwork? And the worst one – am I paying too much in fees?

The usual option is to simply put them into your “too hard folder” and forget about it until next year… and then you go through all that confusion again!

But there is a better way and if you act now you can sort it all out and potentially save a lot of money!

Here is a five-step process to help you on your way:

Step 1 – collect all the superannuation statements you can find from your “bottom drawer” or print the latest from each of your online accounts.

Step 2 – make a time to meet with your financial adviser to go through the paperwork.

Step 3 – seek advice and select one superannuation fund that suits your needs.

Step 4 – sign transfer forms so your adviser can get the accounts rolled over to your chosen fund.

Step 5 – relax knowing that your super is all in one place.

Seriously, superannuation is too important to ignore. Getting your super under control can save you money in fees, cut down on paperwork, allow you to get an investment strategy in place, and help you keep track of your money.

The Australian Securities and Investment Commission reports that there are billions of dollars sitting in unclaimed or “lost” superannuation accounts with thousands more accounts added to the list each month. Inactive accounts with balances of less than $6,000 are transferred into the federal government’s consolidated revenue fund, so if you think you might have some old superannuation accounts that you haven’t touched in three years, don’t hand it over to the government, claim it!

Visit the ATO website at for more information or check your MyGov account at

For more information or to speak to one of our Financial Advisers please contact TNR Wealth Management on 02 6621 8544.

Past performance is not a reliable indicator of future performance. The information and any advice in this publication does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. This article may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be reliable but has not been independently verified. It is important that your personal circumstances are taken into account before making any financial decision and we recommend you seek detailed and specific advice from a suitably qualified adviser before acting on any information or advice in this publication. Any taxation position described in this publication is general and should only be used as a guide. It does not constitute tax advice and is based on current laws and our interpretation. You should consult a registered tax agent for specific tax advice on your circumstances.