Consolidating Super Case Study
Sophie has changed jobs since she finished university and she has also moved house once. Sophie has one super fund from her first job and one fund from her part-time job while she was studying. Sophie now works for a company with a corporate super plan, so all up she has three super funds! Sophie is paying fees and insurance premiums for all of these accounts:
|Part Time Job Super Fund||Old Super Fund||Corporate Super Fund||Combined Total|
|Management Expense Ratio||$442||$402||$964||$1,808|
|Total Product Fees||$1,872||$1,349||$1,988||$5,209|
|Adviser Service Fee||$136||$242||$749||$1,127|
|Total overall fees payable per annum||$2,108||$1,691||$2,837||$6,636|
By having two extra super funds, Sophie is paying more fees than she needs to. By consolidating all her super into her corporate super account she will be able to reduce her ongoing fees per annum. Taking five minutes to fill in the appropriate forms will make a big difference to her final account balance at retirement.