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Online tool to consolidate super
Commonwealth Essential Super has launched an online tool for super consolidation available on its NetBank site.
The Super Sorter prompts customers to follow three steps to search, locate and identify lost super monies and consolidate them.
“When people make the effort to sort out their finances and take the decision to consolidate their super, they want to see results there and then,” general manager of Colonial First State Geoff Peck said. It comes as figures released recently from the Australian Taxation Office showed that lost and ATO-held super floating around Australia’s financial system stands at $18 billion.
“A number of superannuation funds charge a dollar-based administration fee which, for example, may be around $1.50 per week or $78 per year,” Peck said.
“When you compound that across four or five accounts, you are looking at around $312 to $390 per year in administration fees alone.”
It also comes as consumer research from the Association of Superannuation Funds of Australia showed excessive paper work is the biggest road block for consolidating super accounts.
The tool is an end-to-end online process to consolidate super and includes a fully integrated lost super search in NetBank.
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I would like consolidate my numerous super funds before expenses and fee's use what little funds i have left. I havent been able to work for about 4 to 5 years, so im hopeful i can cash my super in as im having major financial difficulties. Thank you for any help you can give me.