Consolidating Super Case Study

Case study

Sophie has changed jobs since she finished university and she has also moved house once. Sophie has one super fund from her first job and one fund from her part-time job while she was studying. Sophie now works for a company with a corporate super plan, so all up she has three super funds! Sophie is paying fees and insurance premiums for all of these accounts:

 

Part Time Job Super FundOld Super FundCorporate Super FundCombined Total
Amount Invested$64,978$48,464$113,442$226,882
Admin Fees$1,430$947$1,024$3,401
Management Expense Ratio$442$402$964$1,808
Total Product Fees$1,872$1,349$1,988$5,209
Adviser Service Fee$136$242$749$1,127
Insurance Premiums$100$100$100$300
Total overall fees payable per annum$2,108$1,691$2,837$6,636

By having two extra super funds, Sophie is paying more fees than she needs to. By consolidating all her super into her corporate super account she will be able to reduce her ongoing fees per annum. Taking five minutes to fill in the appropriate forms will make a big difference to her final account balance at retirement.