Help your staff make the most of their super: combining super balances
September 19th, 2019
Your workers could boost their retirement savings by combining several super balances into one account.
Chances are that your employees have worked at other jobs before joining your company. And if this is the case, they are likely to have at least one other super account.
Having two or more super accounts means they could be throwing away hundreds of dollars every year by paying multiple account fees. Over someone’s working life, this can add up to tens of thousands of dollars wasted.
Why? Because for each account someone holds, they are charged administration and investment fees, and sometimes insurance costs.
‘Rolling in’ or combining other super funds into one account means all the money that would have gone on fees and charges goes towards boosting their hard-earned retirement savings instead!
The combined benefits of rolling in
Sharing the tips below with your workers can help them decide whether bringing all their super balances together would benefit them.
Rolling several balances into one account means:
- Saving on costs – one account means one set of fees
- All your super is together – benefitting from compounding interest and a single investment strategy
- You don’t lose track of your super
- It’s easier to manage your super – less paperwork, fewer passwords!
But before transferring out of any other super fund, it’s important to check:
- if you will lose any valuable insurance benefits
- if any charges may apply
- if the account has defined benefits attached.
Start rolling it in
First Super have made it easy for members to combine their other funds into one account and start boosting their super.
All they have to do is:
- Log in to firstonline here and start the process today, or
- Provide us with a few details by completing this online form.
The First Super website has useful FAQs about rolling in your super from other funds.
First Super members can also take advantage of a new online tool to help them track down other super balances. If you aren’t a member of First Super, you can get help to find lost super through the ATO website.
We’re here to help
First Super has a team of Business Development Managers and Member and Employer Services Coordinators based around the country. They can visit you at your workplace to help to explain your options in super and help with completing forms, as well as providing general advice and running information sessions.
To book a call or meeting, or for any other super queries, contact our Member Services Team on 1300 360 988 or email@example.com.