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The power of one – a case study |
Once Cameron had found all of his lost super, he had the unpleasant task of
realising how much he was losing to fees and charges. For each of his
different super accounts, each year Cameron was paying:
|
Current balance |
Annual
Fee p/a
|
Asset Fee
@ 1.3% p/a
|
Insurance
premiums p/a
|
| Fund A |
$4,500 |
$78 |
$58.50 |
$130 |
Fund B
|
$2,100 |
$78 |
$27.30 |
$130 |
Fund C
|
$1,200 |
$78 |
$15.60 |
$130 |
Fund D
|
$1,400 |
$78 |
$18.20 |
$130 |
Fund E
|
$2,800 |
$78 |
$36.40 |
$130 |
Fund F
|
$30,000 |
$78 |
$390 |
$130 |
| Total |
$42,000 |
$468 |
$546 |
$780 |
Cameron’s decided to transfer all of his smaller funds into his main super
account and discovered significant savings as he was now only paying one set
of fees and insurance premiums. Once Cameron rolled all his super together,
his balance was:
|
Current balance |
Annual Fee p/a |
Asset Fee p/a |
Insurance premiums p/a |
| Fund A |
$42,000 |
$78 |
$546 |
$130 |
^This example does not take into account any exit fees which may have applied to
the three funds being consolidated and may reduce the balance of the funds to be rolled over.
Cameron now pays $754 in fees, including insurance, on the $42,000 balance rather than $1,794 he was paying each year previously. Before making any decision, we suggest you consult a financial advisor. If you would like to roll your super accounts into your OAMPS super fund, we can help you here.
Assumptions:
$1.50 per week member & Admin Fee
1.3% asset fee
$2.50 per week for basic default insurance cover
Rollover into OAMPS
Why rollover?
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The power of one