Clients will soon be able to consolidate multiple superannuation accounts using a free service available through Australia Post shopfronts.
The Consolidate My Super service, scheduled to go live in January, will see SuperChoice join forces with Australia Post to help streamline the superannuation consolidation process.
Clients wishing to consolidate their superannuation accounts will be able to do so using an online application run by SuperChoice to guide them through the process. Users will then have to lodge a completed consolidation request at participating Australia Post retail outlets where their identity will be checked before the lodgement is completed.
Users of the service will be kept informed of the status of each of their consolidation requests.
On average, each Australian has 3.5 superannuation accounts and the new service will enable many consumers to eliminate multiple accounts.
SuperChoice has stated it hopes Consolidate My Super will improve the turnaround of transfers between super funds from the current industry average of 90 days to one to two days. It will also track the performance turnaround of super funds in doing fund transfers.
It is estimated that Consolidate My Super could help to reduce the cost of fees on unwanted extra superannuation accounts by $500 million over the next five years.
SuperChoice said it was currently in talks with a number of super funds looking to use the service.
