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Australia’s superannuation system ranked world’s second best

The Mercer Global Pension Index, a comprehensive annual report that rates the quality of international retirement schemes, has placed Australia’s superannuation system as the world’s second best.

Denmark was ranked number one, with the Netherlands, Finland and Switzerland rounding out the top five. Australia, Canada, Chile and Singapore were the only non-European states to make the top ten.

Representatives from groups representing the interests of Australian retirees have expressed surprise at the finding, pointing out that the full pension rate currently sits close to the poverty line.

Australia’s position improved thanks to the recent superannuation guarantee increase from 9.25%-9.5%. Industry representatives have claimed that if the guarantee rises to 12%, as is the government’s long-term plan, Australia could reach the number one position.

Posted on 15 October '14 by , under Super.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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