Combine your super
Are you one of the 45% of Australians who have more than one super account?
If you've changed jobs, moved house or changed your name, then you could be one of the many Australians who have lost track of some super.
According to the Australian Tax Office, $20.8 billion in lost super is waiting to be claimed - some of it could be yours.
Watch your balance rise
If you have ever changed jobs, you probably have super scattered around in different funds. Rolling over your super now can save you from paying multiple fees which can eat away at your savings. Having one super account can also cut down on your paperwork and allow you to easily keep track of your super balance and investment performance.
Rolling over your super can save you money in fees, cut down on administration and help your super to grow.
For example, if you have four super accounts in addition to your LGS super account, you could save $10,0002 over 25 years by consolidating your super into your LGS account.
| Number of additional super accounts | Total annual fees1 | 5 year's savings2 | 15 year's savings2 | 25 year's savings2 |
|---|---|---|---|---|
| Three | $300 | $1,500 | $4,500 | $7,500 |
| Four | $400 | $2,000 | $6,000 | $10,000 |
| Five | $500 | $2,500 | $7,500 | $12,500 |
| Six | $600 | $3,000 | $9,000 | $15,000 |
1 Annual administration fee of $100 assumed per account.
2 Savings amount assumes an annual administration fee of $100 per additional account only. It does not take into account other fees, taxes or investment returns.
Things to consider
Before you consolidate your super accounts into one fund, there are things you need to consider such as:
- Check your insurance cover in your other fund and how it will be affected if you close your account. If you consolidate, it will often be cancelled. You may be eligible to transfer the insurance cover from your other fund(s) to LGS
- Check and compare the features and benefits of your other super account against your chosen LGS super account.
