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
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
33.20 3 y p.a(%)
4
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.82 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.
Add new comment