#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year 4 years in a row4
Recent share market volatility may have more people taking a greater interest in how their super is performing, including considering consolidating their funds so that they can reduce the fees they are paying.
Having your super in a number of different super funds may be costing you money. It may also make it more difficult to keep track of your super.
By consolidating your super, you may save on two precious commodities – your money as well as your time.1
Consolidating your super means moving all your super to one fund.
Fewer accounts could mean fewer fees and it can also make your super easier to manage.
You can consolidate your super, at no cost, in a few simple steps.
If you’ve ever changed jobs, or even your name or address, there is a chance you may have more than one super fund.
This may make it difficult to keep track of how much super you have.
Having all of your super in one fund means you:
There are pros and cons for consolidating your super during times of market volatility.
When markets are volatile, there are common questions QSuper is asked about investments, including what you should do, and how QSuper’s Investments team actively manages investment allocations in line with our strategy of risk-balanced diversification.
If you are thinking of consolidating your funds, there are some things to weigh up.
Consolidating your super into one fund may mean some of your money being transferred may be out of the market for a short period of time, Association of Superannuation Funds of Australia CEO Dr Martin Fahy recently told Canstar.
Dr Fahy said as a result, in times of volatility, time out of the market may have an impact on your balance. (But he said delaying consolidation would mean continuing to pay higher fees in total across a number of superannuation funds.)
Finding your lost super can be key to helping you reach your retirement goals.
If you want to check if you have any lost or unclaimed super, QSuper aims to make it quick and simple through Member Online.
Through Member Online, you can search for a full list of any super accounts you have with other super funds and any ATO-held super that may belong to you. There are no paper forms to sign or mail in.
If you are thinking about combining your super into one fund, you can check with your other funds to see if you may lose any benefits like insurance or pension options. If you want to consolidate with QSuper and you have insurance with your other fund, you may be able to transfer your cover across. You may need to make sure your transfer of insurance cover is complete before you consolidate your super.
It is easy to consolidate your super through Member Online
The opinions expressed and those providing comments are theirs alone, and do not necessarily reflect the opinions of the QSuper Board. No responsibility is taken for the accuracy of any of the information supplied and you should seek advice for your circumstances.
1. Before you consolidate your super, you should check with your other super funds if there are any fees or tax implications, or loss of insurance or other benefits.
Five actions you could take today to help you feel more in control of your future.
Chief Executive Officer, Michael Pennisi, says members have remained our number one priority in a year unlike any other in more than 100 years of QSuper history.
Money magazine awards QSuper products Best of the Best for 2021.
10 simple saving measures to support your financial health.