Inactive Superannuation Funds To Be Taken By Government

Inactive Superannuation Funds To Be Taken By Government
Over $13 billion in inactive or lost superannuation fund accounts may be taken by the federal government unless claimed by owners.

Laws were introduced last year so that in October 2010 the government will begin transferring inactive superannuation fund accounts into consolidated revenue. It is estimated that the government will gain around $10 billion over the next five years.

Find lost super: 34 million unclaimed superannuation funds
xLife director, Russell Cain said there are currently over 34 million superannuation fund accounts held by 10.5 million working Australians. That’s a whopping 3 super fund accounts per person.

“It’s your hard earned money potentially going to the Federal Government,” stated Mr Cain, “get your super sorted before its too late; every dollar towards your super is important”.

“Putting money into one fund means less fees, less paperwork, and will stop the government from cashing in on your super”.

Compare super funds
A handful of businesses offer to ‘find lost superannuation’ and consolidate your super into one fund. Though how do you decide which super fund to consolidate your monies into?

Comparing super funds isn’t easy and believe it or not, there is no such thing as the ‘best super fund’ for everyone! There are so many factors to take into account and not just fees alone, but you can get cost-effective superannuation advice that won’t draw down your fund balance.

“We’re a one stop shop for your super and the advice we offer is easy to understand,” explained Mr Cain, Director of xLife, “we can find your super, compare top super funds, and consolidate your monies for you”.

“Your paperwork is sorted; we offer basic super advice”.

Superannuation search & consolidation tips
Whether you decide to get super advice or not, here are some of Russell’s top super consolidation tips to get you started:
•Find out what exit fees apply before consolidating your super – if you have an adviser he or she will tell you what these are, or you can contact your super fund and find out
•Double check if you lose any benefits like life insurance on leaving your funds, and if your level of coverage is not enough make alternative arrangements to increase your cover.
•It may take your past funds up to 30 days to make the transfer, so don’t be put off!

About xLife’s superannuation consolidation service
xLife can help consolidate your superannuation funds. Our fully qualified and experienced Superannuation Advisers can compare Australia’s top superannuation funds taking into consideration your personal situation. We will take care of all the paperwork for you, giving you a fuss-free option in managing your superannuation affairs. Contact us on 1300 135 205 for your free initial appointment or visit us at http://www.xlife.com.au/superannuation/.