Prev |

INDEX

| Next

21. Consolidate Your Super

Consolidating your super into one fund, probably a self managed superannuation fund, is standing instructions to all McMasters’ clients.

Consolidating your super means:

costs are lower, since you only have one set of costs (and your SMSF costs are unaffected by the extra benefits in the fund);
life is simpler, since you only have to think about one fund;
the risk of forgetting about superannuation benefits is reduced, although this risk is reduced by various lost superannuation benefits services (eg Uncliamed Super Website), and is nowhere near the problem it once was

The process for consolidating your superannuation benefits into one fund is quite straight forward and essentially requires you to contact each fund, request benefit transfer forms, complete those forms and then return them, and then wait for a cheque to be sent made payable to you as the trustee of your superannuation fund.

Each super fund has slightly different procedures for rolling benefits into other funds, and you just have to go with the flow, be patient, and follow those procedures as required.

McMasters’ can complete the consolidation process for you: just contact your normal Client Relationship Manager for assistance.