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Maintaining more than one super account – what are the costs?

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There are lots of decisions you need to make when setting up an SMSF. So you may have chosen to keep your existing superannuation account with an industry or retail fund to maintain your life insurance cover. There may be some advantages to this, but it may not be the most cost-effective option or the only way to maintain your life insurance.

Here are some things to consider when thinking about your options:

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    You may be able to transfer your life insurance:

    Like some other SMSF life insurance providers, the ESUPERFUND SMSF Master Insurance Plan gives trustees the option to transfer any existing life insurance they have into their SMSF. This means if you have existing life insurance cover with your industry or retail superfund, you can apply to transfer it into your SMSF, allowing you to maintain your life insurance and potentially save fees, by consolidating multiple super accounts.

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    The time spent on maintaining both accounts:

    Having multiple super accounts may also require you to spend additional time administering them, going through paperwork and ensuring compliance.

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    The cost of paying multiple fees:

    Every super fund will include admin fees, investment fees and potentially contribution fees. Maintaining multiple super accounts may mean you end up paying multiple sets of fees. If you consolidate all your super accounts, then some of the money you would have spent paying fees could be included in your SMSF’s investment portfolio.

There are a number of financial decisions and other implications to consider before you transfer or consolidate your super accounts or life insurance cover. Follow this link for more information about the ESUPERFUND SMSF Master Insurance Plan.

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General Advice Warning

No Advice Express or Implied: The contents of this website are of a general nature only and have not been prepared to take into account any particular investor's objectives, financial situation or particular needs. ESUPERFUND does not provide financial product advice or recommend any financial products either expressly or implied. ESUPERFUND expressly states that it does not recommend, represent as suitable, or endorse any financial product or service available through ESUPERFUND. This applies equally to those financial products which are established for your SMSF when you become a client of ESUPERFUND. Any information provided in relation to any financial product or service available through ESUPERFUND is factual information only about the operation of the account and how data is made available to ESUPERFUND. Where this website refers to a particular financial product then you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision about whether to acquire the product. We also recommend that you should seek professional advice (see below) from a financial adviser before making any decision to purchase any financial product referred to on this website. While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors or omissions.

Seek Professional Advice from a Financial Adviser: ESUPERFUND is a no advice model and does not provide financial, legal or tax advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance you are ultimately responsible for the Fund.

Fees: Fees relating to operating your SMSF with ESUPERFUND are detailed on our fee page here. When setting up a SMSF it is important to understand that additional fees may apply that must be carefully considered prior to making a decision to setup a SMSF including an ATO Supervisory Levy, Company Trustee Setup Fee (where applicable), and Investment Fees.