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SuperChoice partners with AustPost on consolidation service
SuperChoice has joined forces with Australia Post to launch a service that will allow fund members to consolidate multiple superannuation accounts at no extra cost.
The service, Consolidate My Super, is scheduled to go live in January. It will allow fund members wishing to consolidate their superannuation accounts using an online application run by SuperChoice to guide them through the process. Users will then have to lodge a completed consolidation request at participating Australia Post retail outlets where their identity will be checked before the lodgement is completed.
Users of the service will be kept informed of the status of each of their consolidation requests.
On average, each Australian has 3.5 superannuation accounts and the new service will enable many consumers to eliminate multiple accounts.
SuperChoice has stated it hopes Consolidate My Super will improve the turnaround of transfers between super funds from the current industry average of 90 days, to one to two days. It will also track the performance turnaround of super funds in doing fund transfers.
It is estimated that Consolidate My Super could help to reduce the cost of fees on unwanted extra superannuation accounts by $500 million over the next five years.
SuperChoice said it is currently in talks with a number of super funds looking to use the service.
AUTHOR
Mike Taylor
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