Consolidating superannuation accounts

Whether you choose to consolidate existing funds into a new superannuation account or into one of the existing funds, it is important to avoid paying unnecessary fees.

Entry fees of 4% are often charged on super rollovers and if the super fund was set up through a financial adviser you may also be paying an adviser service fees.

When you combine your retirement money into one account, it is easy to update and change beneficiaries.

This includes understanding the costs and benefits of your current funds and comparing them to the new fund.

Be sure to check for any exit fees and consider the tax implications of transferring.

These fees can be can be avoided with 2020 DIRECTINVEST’s 100% entry fee rebate so please visit the superannuation area of our website to avoid the unnecessary costs of consolidating your super funds.

Many people are unaware how easy it is to switch and consolidate super accounts.

In addition, many super funds charge administration fees on a tiered basis so that the fees decrease as your balance increases.