Consolidating my super for
There are some things you should consider before you move money out of a super fund.Firstly, although BT super funds generally don’t charge exit fees*, some super funds do.This means you could incur withdrawal or exit fees for moving your money out of these funds.Depending on the number of super accounts you currently have, your exit costs could end up being higher than your total savings in administration fees.You should obtain the PDS before deciding whether to acquire, continue to hold or dispose of interests in BT Lifetime Super – Employer Plan.Westpac Securities Administration Limited ABN 77 000 049 472 is the trustee of and issuer of interests in BT Business Super ABN 81 236 903 448, which is part of Westpac Master Trust Fund ABN 81 236 903 48 and RSE No. A Product Disclosure Statement is available for the fund and can be obtained by calling 132 135 or on the Documents and Downloads page.With the power of compounding returns, the money you save in fees could help grow your super balance.It could also reduce the likelihood of you ending up with lost super in the long run if you remain an active member of only one fund as opposed to having balances in multiple funds that may be administratively hard to manage.
The Government has set caps on the amount of money that you can add to superannuation each year on both a concessional and non-concessional tax basis.
We recommend you check any exit fees that may be payable to your other fund(s), and any insurance cover you may have that cannot be replicated, before any the decision to move.
*Please note, if you are invested in a BT Super Fund nil entry fee option, there may be an exit fee applicable.
Another advantage of consolidating your super is less paperwork.
Having one super account means you only have one set of paperwork to manage.