Before you consolidate your super there are a few things you should consider
Weigh up the benefits
and features of your other super funds against your chosen MLC super account.
Check the tax implications and see if your tax and preservation components will be impacted. Speak to your financial adviser for further information.
Compare the fees
of your fund(s), and check for exit
or termination fees.
Don’t forget your insurance and make sure that your chosen MLC super account will provide you with the appropriate cover to replace any cancellation of insurance cover2 that will occur by consolidating your account(s). If you suffer from a pre-existing medical condition, consider whether you will be eligible for the same level of cover if you cancel your existing insurance policy.
If you intend to claim a tax deduction
for certain personal contributions made into your other fund, ensure your ‘Notice of intent to claim a deduction for personal contributions’ is made and is acknowledged by that fund3.