Chapter 13. Consolidate your superannuation funds.
If you have more than 1 super fund, you are probably duplicating fees. Especially where super funds charge administration fees when you have a balance less than a certain amount such as $10,000. So if you have 3 funds with $4,000 each, you may be paying the $70 admin fee 3 times.
If you consolidate, you could save $210 per annum.
The risk here is that if you have life insurance or Income Protection insurance within one of the super funds, you will lose that insurance if you close the fund. Ensure you understand the lost benefits of consolidating funds before making the decision to consolidate.
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