Every year, the Trustees of the superannuation products we offer review all superannuation members who hold more than one accumulation interest (account) with the fund. Under the Superannuation Industry (Supervision) Act 1993, we’re required to review these accounts to ensure holding more than one account is in their best interests.
Occasionally, we may contact you about consolidating your client’s super accounts. This happens when your client is identified in this review as having more than one account with us and may benefit from consolidating their accounts into one.
If we identify your client, you and your client may decide to continue having multiple super accounts. This will depend on your client’s individual circumstances. Points to consider when making this decision include:
- Their financial circumstances, objectives, strategies and goals
- All applicable fees and charges
- Their financial circumstances and objectives
- Investment returns
- Insurance policy benefits your client may receive or forego
- The nature of your client's benefits (restricted or unrestricted funds)
- Independent financial, tax and estate planning advice
- Practicability of consolidating your client’s super accounts.
As we conduct this review regularly, we may contact you regarding an account we have previously asked you to consider consolidating. We review accounts again regularly to ensure your client’s situation hasn’t changed significantly from that previous decision.