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Did you know that there are approximately 10 million unintended multiple super accounts, which represents around 35% of all member accounts held by funds?
While in some cases this outcome may be intended, more often than not the creation of multiple accounts is unintended and mainly occurs when employees change jobs and do not nominate the same (or any) account for their super guarantee to be paid into.
These multiple super accounts are costing Australians an extra $690 million in duplicated administration fees and $1.9 billion in insurance premiums per year, which is eroding many Australians’ hard earned super benefits.
If you are one of these individuals with multiple super accounts, there may be benefits to rolling your accounts onto one super fund.
The benefits of consolidating funds
There are a number of benefits of rolling your accounts into one fund, including:
Things to consider before consolidating
Before you consolidate your funds, there are a few things you should consider, including:
How to consolidate
Consolidating your super is now easier than ever, using ATO online services or your myGov account.
If you’re not sure whether you might have other super accounts, you can also search for lost or unclaimed super via the ATO or by logging into your myGov account linked to the ATO and clicking on Manage my super.
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