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A Super(annuation) PSA!


Superannuation is an easy thing to forget.

Years ago all employers had a preferred super fund but now most employers offer choice. Some workplaces that are covered by industrial awards and those in a defined benefit scheme are unable to choose their preference.

A tip though: if you're in a defined benefit scheme, get advice if you were thinking of moving out as they are often quite advantageous.

A recent article in news.com.au by Shireen Khalil outlined her own situation which resulted in a loss of $2246. She'd forgotten about a super fund which was last used in 2008 and recently she received a letter to say that her balance was zero.

The balance had been eroded by fees since 2008 and without her attention to the situation, it cost her $2246!

Her advice mirrors our own - If you have more than one super fund; consolidate them!!! Any super that you have can be consolidated regardless of how many funds you currently have and the quicker you do this, the less money you might lose.

If you might have super that you've lost control of you can log into your current super fund account and get them to do a search for you or do a search through your MyGov account (you'll need to have the ATO linked to your account) Read more from the Money Smart Blog here.

Article here

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