Consolidating superannuation ato
Eleven months on from the first round of hearings for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne’s final report has been released.
These changes could significantly reduce the number of superannuation accounts in the system and reunite a lot of members with lost or forgotten accounts.
In some cases, the value of the insurance cover within an inactive super account alone could be worth taking steps to keep it.
A member’s account may still be considered active – and not transferred to the ATO – if they undertake any of the following activities: First Super will shortly be running a campaign to make our inactive members aware of what they could lose if their account is transferred to the ATO, as well as information and materials to help them keep their account if it’s right for them.
Before consolidating your super, you should speak to a licenced financial planning professional, (preferably one who is independent), so they can provide you with objective information and advice which is in your best interest.
A financial planning professional will also help you to understand the insurance terms, conditions and definitions in each of your superannuation funds and assist you to transfer the insurance cover you have in one superannuation fund to another.