Consolidating super funds

Reduce your super stress

How many super statements did you receive this year? Do you find it hard to keep track of your super accounts? Have you lost some of your super over the years?

You're not alone. Here are the steps to take to sort it out.

Why consolidate

The benefits of putting all your small super into one account include:

  • Saving costs by paying only one set of fees
  • Reducing your paperwork
  • Making it easier to keep track of your super

If you're in a defined benefit fund, think very carefully and get advice before leaving.

How to consolidate your super

Smart tip

When consolidating your super, don't just choose the fund with the highest balance. The best fund for you may be one of your small accounts, or a completely new fund.

Before you decide to move funds

Before you consolidate your super funds here are some things to check:

  • Are there any termination fees
  • Will you be able to get the same level of insurance in your chosen fund
  • That your employer can contribute to your chosen fund

Steps to move funds

  1. Choose one fund - Decide which super fund is best for you.
  2. Check your insurance cover - Make sure you can get an appropriate level of insurance in your chosen fund.
  3. Open an account - If you have chosen a new super fund you will need to open an account with the fund. Ask them for all details your employer will need to pay your super into that fund.
  4. Tell your employer - Make sure they know where to pay your super and how to correctly identify you to the fund.
  5. Rollover super to your chosen fund - You can do this online through myGov, for more information take a look at the ATO's keeping track of your super page. Or you can transfer your super by using a form and sending it to your chosen fund. Some funds have an online process for combining your super too.

Consolidating your super fund accounts takes a bit of effort in the short term but will reward you in the long term. Feel in control and watch your super grow.

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Last updated: 02 Sep 2015

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