You might still be years away from retirement, but if you’ve had more than one job throughout your career, chances are you’ve got more than one superannuation fund.

To consolidate super means moving all your money into one of your superannuation funds, rather than having it spread across several.

There are a number of benefits to consolidating super:

• Your account keeping fees may be reduced, ie instead of paying several annual membership and admin fees, you’ll only pay one.
• It’s easier to keep track of your balance because it will appear on one statement.
• You’ll receive less paperwork as it will all come from one fund.
• You’re less likely to lose track of your super accounts.

For all the reasons listed above, consolidating super is a good idea. However, there are a few things to be careful of before you move your money:

• Some superannuation funds charge exit/entry fees that can make consolidating your superannuation expensive,
• If you are invested in a particular fund and you want to move your superannuation into another company only to invest in the same fund, you may lose money on the buy/sell of fund units when you transfer.
• If you choose to consolidate into one fund, the benefits included in the funds you leave will cease to exist, ie insurance.

Consolidating superannuation can make managing your super easier and you may end up paying less in administration fees. However, if you are going to consolidate your money into one fund, check first  about the exit/entry fees you will be charged, in addition to any costs associated with buying and selling your investments as you change funds.

You should also check each fund’s entitlements such as insurance. If you do move funds you may need to re-assess benefits such as your insurance to ensure you stay adequately covered.

If you decide to consolidate your super, you can contact the fund that you want all your superannuation to go into. They will provide you will a superannuation rollover form and, by providing them with your other fund details, they will be able to organise the consolidation for you.

The advantages of consolidating superannuation are attractive and this may be the right thing for you. However, before you begin organising it, check that you won’t be financially disadvantaged by the change and talk to your financial adviser.