Of all the smart easy actions you can take, combining all your super accounts offers a number of benefits. The ATO reports that, at 30 June 2019, there was $20.8 billion in lost and unclaimed super across Australia. Maybe some of this could be yours?
Control – get all your super into one fund where you can easily keep an eye on it.
More super working for you – having your super in one place usually reduces the fees you pay. That means more money in super working for your weekend1.
No doubling up on insurance premiums – no-one likes paying insurance premiums, so why do it twice? If you have additional superannuation accounts, you are likely to be paying for multiple insurance policies – which will reduce the overall balance you’ll have available for your long weekend and, you may not be able to claim on multiple policies2
People sometimes decide not to combine super accounts because they want to keep the cover they have with another fund, but with smartMonday you can usually transfer your insurance too (subject to acceptance by our insurer) – just make sure you apply to do so before closing your other super account.
Like to know more about transferring insurance into your smartMonday account?
Contact a smartCoach today on 1300 262 241, or email smartcoach@smartmonday.com.au.
Consolidation Case study: Take two minutes to retire one year earlier
According to Australian Prudential Regulatory Authority (APRA) data, for every 4 working Australians there are 7 superannuation accounts3. It’s so easy not to be one of those people with multiple accounts because as a smartMonday member, we can help you find any lost super and roll it all into your smartMonday account4. Just follow these simple steps:
After your consolidation request is submitted, the balance from your other funds should appear in your smartMonday account within 5 business days.
1 Source: Spenditude, Wiley Publishing, 2020
2 Insurance in superannuation can be a complex topic. Be sure to review your super Product Disclosure Statement and check out the moneysmart.gov.au site for more information https://moneysmart.gov.au/how-life-insurance-works/insurance-through-super
3 Source: Annual Superannuation Bulletin June 2019, Australian Prudential Regulatory Authority. Based on 26,360,000 superannuation accounts and 15,000,000 working Australians, as at June 30, 2019.
4 Before making a decision to consolidate super accounts you should consider seeking personal financial advice and review your financial needs, objectives, and goals and ensure that the insurance cover in your primary fund is adequate for your needs. Any insurance cover available in your secondary fund may be cancelled as a result of the consolidation unless you apply to transfer that insurance into your smartMonday account – subject to acceptance by our insurer.
