Turn on your TV, read any number of personal finance magazines, or browse the internet for superannuation funds, and chances are you will be inundated with invitations to ‘consolidate your super’. So, is this something you should be doing and do you really need to consolidate your super?
It is a well-known fact that Australians have multiple superannuation accounts. In fact, it is not uncommon for a person to have three or four separate accounts with different super funds. Often these accounts only hold small balances. Generally, what happens is we change jobs and our new employer asks for our super fund details so they can make their contributions. We often don’t have the details available so it is simpler just to tick the ‘default fund’ box on the super fund form.