If you currently hold more than one super fund, there can be significant benefits to consolidating those multiple accounts into a single account.
One of the main benefits of consolidating your super funds is that you can save on fees. When you have multiple super funds, you may be paying multiple sets of fees. By consolidating your super into one fund, you can reduce the fees you pay.
Another benefit of consolidating your super funds can make it easier to manage your super. By consolidating your super into one fund, you can simplify your investment strategy and make it easier to manage your retirement savings.
Finally, consolidating your super funds can potentially increase your investment returns. When you consolidate your funds, you may be able to choose a different investment option that better suits your needs.
Further Reading:
ATO article ‘Transferring or consolidating your super’ –
https://www.ato.gov.au/Individuals/Super/Growing-and-keeping-track-of-your-super/Keeping-track-of-your-super/Transferring-or-consolidating-your-super/
