POWERED BY MOMENTUM MEDIA
Online tool to consolidate super
Commonwealth Essential Super has launched an online tool for super consolidation available on its NetBank site.
The Super Sorter prompts customers to follow three steps to search, locate and identify lost super monies and consolidate them.
“When people make the effort to sort out their finances and take the decision to consolidate their super, they want to see results there and then,” general manager of Colonial First State Geoff Peck said. It comes as figures released recently from the Australian Taxation Office showed that lost and ATO-held super floating around Australia’s financial system stands at $18 billion.
“A number of superannuation funds charge a dollar-based administration fee which, for example, may be around $1.50 per week or $78 per year,” Peck said.
“When you compound that across four or five accounts, you are looking at around $312 to $390 per year in administration fees alone.”
It also comes as consumer research from the Association of Superannuation Funds of Australia showed excessive paper work is the biggest road block for consolidating super accounts.
The tool is an end-to-end online process to consolidate super and includes a fully integrated lost super search in NetBank.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
I would like consolidate my numerous super funds before expenses and fee's use what little funds i have left. I havent been able to work for about 4 to 5 years, so im hopeful i can cash my super in as im having major financial difficulties. Thank you for any help you can give me.