Keeping all your super in one place is a smart move. In this article, we’ll look at the case to consolidate.
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.
2 When you transfer all or part of your super, your entitlements under the other fund(s) may cease. You need to consider all relevant information before you make a decision to transfer your superannuation, such as administration, exit, buy/sell spreads or withdrawal fees that may apply in respect of the existing fund(s). Similarly you should consider insurance entitlements which may cease when you consolidate your super. You should also consider your contribution caps and the impact on the tax and preservation components of each of your superannuation interests before consolidating (you should ask your fund(s) for information) and seek advice where required. ASIC Money Smart 2015, found at: https://www.moneysmart.gov.au/superannuation-and-retirement/keeping-track-and-lost-super/consolidating-super-funds
3 Appropriate insurance can include level and types of cover as well as policy terms.