Having all your super in one account can mean a bigger super payout when you retire. It’s simple really: paying fewer fees on your super now may mean more money in your account at retirement. It can make more than cents, because it makes sense too – you’ll only have to deal with one set of super paperwork.

The maths is in...

James is 38 and currently has three super accounts. Typically, James will be paying a fixed member fee for each of the accounts. If James pays a fixed member fee of $70 per year for each account, he will be paying a total fixed member fee of $210¹ per year. If James rolls his super into a single account he would pay just $70 per year, saving $140 annually. And although $140 doesn’t seem like much now, with the help of compounding investment earnings, it could turn into around $8,000² over 25 years.

What would you do with an extra $8,000 in retirement?

Next steps

Should you wish to consolidate your super with Plum, just fill in the Consolidate your super benefits form, provide your relevant proof of identity (see the form for more details) and return it to us in the reply paid envelope. We’ll do the rest.

Exit fees may apply – contact your other fund(s) to confirm what these might be, and consider any possible reduction in insurance cover which may result from a decision to consolidate. We recommend that you seek professional financial advice.

Not sure if you have more than one super account?

If you’ve had more than one job in your life, you probably have more than one super account. To find out if you have lost super, simply visit the Find your lost super page and follow the prompts. Make sure you have your tax file number handy.

If you want help consolidating your super, simply call a Member Services Consultant on 1300 55 7586, Monday to Friday 8am to 6pm, Melbourne time.

1. This example does not take into account other fees typically charged by superannuation funds such as plan management fees, contribution fees, investment management costs, etc. Nor does it take into account any exit fees which may be applied to the accounts being consolidated which may reduce the balance of the funds to be rolled over. Consolidation may result in a reduction or increase in insurance cover.

2. This is projected based on the assumptions that $140 is invested annually over 25 years with an annual rate of return of 6.38%. This calculation is net of taxes and fees and is represented in today’s dollars.

Important information
An interest in the Plum Superannuation Fund ABN 20 339 905 340 (Fund) is issued by PFS Nominees Pty Ltd ABN 16 082 026 480 AFSL 243357 (Trustee). The Fund administrator is Plum Financial Services Limited ABN 35 081 812 731 AFSL 243356 (Administrator). This material has been prepared by the Administrator and it contains information that is general in nature. The information does not take into account your objectives, financial situation or needs. Before acting on the information you should consider whether it is appropriate having regard to your personal circumstances and seek professional advice. The Administrator recommends that you consider the Fund’s Product Disclosure Statement (PDS) before you make any decisions about your superannuation. To obtain a copy of the Fund’s PDS, please contact a Plum Member Services Consultant on 1300 55 7586. Neither the Administrator, the Trustee, nor any other company in the National Australia Group of companies accepts liability whatsoever for any decision that is made on the basis of or in reliance of the information contained in this material. Please note that the information contained in this material is current as at July 2010. Any changes in the law or policy subsequent to this date have not been incorporated.
© 2010 Plum Financial Services Limited ABN 35 081 812 731 AFSL 243356 (Administrator).