Put all your super in one place. Here are just a few benefits to consolidating your super.
Before you make the decision to consolidate your super accounts into one, consider if it is right for you and weigh up the pros and cons, such as fees and insurance benefits. If you’re unsure, seek financial advice.
Your employer may already be contributing to your super account. But making additional contributions can be a quick and effective way to top up your super. Even small yet consistent extra contributions could make a difference down the track.
Jamie is 50 years old and has $50,000 of savings which she would like to invest for her retirement.
If Jamie contributes this money into super, any earnings will be taxed at only 15% in her super fund rather than a maximum of 47% (including Medicare levy) with other types of investments. By paying less tax Jamie can save more money toward her retirement goals.
In addition, voluntary contributions may be tax deductible, helping to potentially reduce Jamie’s personal income tax.
Devan is 45 and recently had a pay rise of $5,000 – taking his total salary to $100,000 per year. He’s planning on retiring in 20 years, so he decides to use his $5,000 pay rise to make a pre-tax contribution to his super.
By adding $5,000 to super, it will be taxed at 15% ($750) rather than his marginal tax rate of 32%1 ($1,600). This means that he will be better off overall by an extra $850, for a total of $4,250 contribution into his super, and the reduction of $3,400 in take home pay.
Explore our super contributions optimiser and other ways to make extra contributions to grow your super:
There is limit on the amount of contributions you can make each year to your super without paying extra tax.
When was the last time you looked at how your super is invested? Choosing the right options at the right time could make your money work harder for you, and it’s simple to know how your super is invested by logging into your account. Find out more about your investment options.
Leaving your money in the right hands is an important matter that’s often overlooked. By nominating a beneficiary, you’re helping to ensure where your super will go to when you’re no longer here. There are two options for nominating a beneficiary:
A valid binding nomination means we’re legally bound to pay out your super benefits according to your instructions.
A non-binding nomination means the superannuation trustee is not legally bound to pay your death benefit according to your nomination instructions. However, the trustee will take into consideration these nominations when determining your beneficiaries.
Your circumstances or the important people in your life may have changed. So, it’s good practice to review your beneficiary nomination periodically to make sure it still reflects your situation today. Log in to check your beneficiary nominations.
No matter where you are in life, insurance is an important part of protecting you and your family.
When you’re insured through your IOOF super fund you get:
Your insurance premiums come directly from your super balance, so you won’t see a difference in your take-home pay.
We offer flexible insurance cover at competitive group rates.
You may be eligible for insurance cover right away, so there’s no need for medical tests or to provide medical records (other conditions may apply).
Learn more or log in to see if you have insurance in your super.
You can also use our insurance cover calculator to see whether you have enough or what amount is right for you.
