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Are You Paying Too Much in Super Fees?

Most Australians are pretty ambivalent when it comes to to taking proactive action about managing their Superannuation.

Did you know?

Of those, who suspect they may have more than one Super fund, and are therefore paying extra fees and insurance premiums, most aren’t doing anything about it.

As a result, the Government announced that as part of the 2018/19 budget, insurance within Super would be “opt-in” for people under 25, inactive accounts or where the balance is below $6,000.

However, even when the ATO knows that you have unclaimed Super – it won’t proactively allocate this to you – you have to claim it from them. 

Assess Your Super: Take Our Quiz

 

FOUR Reasons Why You Could Be Paying Too Much In Super Fees:

 

1.The hassle to consolidate your funds.  Some Superannuation providers don’t make it easy for you to transfer Super from one provider to another, and there usually is forms to fill out. So even thought you know you have more than one Super fund, the time and effort to roll them over means it doesn’t get done.

2. Forgotten Super funds. If you’ve changed jobs or moved house, or had several part time and casual jobs – you might not even realise that you have two or more Super accounts. Unless you give instructions to your new employer where you want your Super payments to go, it’s very likely they set you up with a new account using their default fund, and don’t always assume that your employers default fund is right for you.

3. Too much choice.  Even though you know you have two or more Super accounts and want to consolidate it into one, given the range of options out there, how do you know which one is the best one to pick? As a result, you don’t end up consolidating your funds.

4. Diversification. Don’t want all your eggs in one basket and therefore splitting your Super savings across multiple fund providers by choice? While this makes you feel comfortable about not losing your savings, it could be costing you in unnecessary fees.

 

Assess Your Super: Take Our Quiz

Take our Super Scorecard Quiz to learn how well you understand your Super.

 

If you think you have (or know you have) multiple Super accounts and not sure how to consolidate them into one fund, or what fund to consolidate them in to, get in touch with us today for a FREE SEARCH or fill in the form below. 

 


 

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SIMMONS LIVINGSTONE & ASSOCIATES GENERAL ADVICE WARNING This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Simmons Livingstone & Associates and Infocus Securities Australia Pty Ltd strongly suggest that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.

SLG Financial Services Pty Ltd ABN 63 734 659 141 Ltd [t/a Simmons Livingstone & Associates] is a Corporate Authorised Representative of lnfocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523. Please Note: SLG Financial Services Pty Ltd is only authorised by lnfocus Securities Australia Pty Ltd to provide services related to financial products. Where services provided by SLG Financial Services Pty Ltd extend outside of financial products, please be aware that lnfocus is not responsible for this advice or service.