There are various types of superannuation funds available to an employee or employer. Even people who are not an employee of any particular company or those that are self-employed are also eligible to avail superannuation funds. In many cases it has been found that employees have multiple superannuation fund accounts.
This so happens because the employee changes many jobs and thus has many superannuation funds and forgets to transfer or combine them in to one fund. Those who change jobs regularly would have small amounts of money in many superannuation funds. It therefore becomes difficult to mange each account. The employee not only pays a large amount of fees on the maintenance of each of these accounts, he sometimes may even forget few of these multiple accounts and they may remain unclaimed.
If you are one of them who have multiple superannuation fund accounts do not be confused. You can consider combining them together. Combining them in one super fund helps you in avoiding multiple set of costs and fees. It also helps you in keeping track of your monetary transactions easily. Before combining multiple funds you should make sure that there are no charges or fees for transferring your money from one fund to the other. You can do the rollover in most of the cases with some exceptions which are limited in scope. The time required to transfer money from one preexisting superannuation fund to another combined superannuation fund is 30 days.
Last but not the least, choosing a superannuation fund is an important decision. Weigh all pros and cons of a fund before opting for one..
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