Consolidating super funds

Streamline your super

If you received more than one super statement this year and are finding it hard to keep track, you're not alone. You may even have lost some of your super over the years. If this sounds like you, here's how to streamline your super and save on fees.

Why you should consolidate your super

The benefits of having all your super in 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 move all your super into one fund

Transferring all your super into one fund is usually an easy process, but you should first check the details of each fund you have, so you can decide which one is best for you.

Check the details of your super funds

Before you consolidate your super funds, check if:

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.

Information you'll need to compare super funds

Gather the following details of your current super funds, so you can compare like for like when making your decision about which fund is right for you:

  • Combined balance - Add up the balance of all your funds and do your comparisons based on this balance. This will allow you to accurately compare expected fees and returns after you have consolidated.
  • Investment option - By deciding how you want your super invested you can compare funds based on a similar investment. This may be different from how your money is currently invested.
  • Fees - Look at the fees you are being charged in each fund - some may be a set dollar amount, others may be based on a percentage of the balance. In the end it's the net result (returns minus fees) that matters.
  • Insurance - Decide how much insurance, if any, you would like to have inside super so you can compare premium costs for your chosen level of insurance in each fund. 

Compare and consolidate your funds

  • Compare funds - Use a super comparison website to see how the top performing super funds compare with yours. Remember that there are hundreds of publicly available super funds and last year's top performer is rarely this year's number one. Although past performance doesn't guarantee future performance, any fund that is consistently in the top 20 or so funds is probably doing okay.
  • Make a choice - Decide on a fund that best suits your needs.
  • Check your insurance cover - Make sure you can get an appropriate level of insurance in your chosen fund.
  • 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, and make sure you can get your desired level of insurance before you switch funds.
  • Tell your employer - Make sure they know where to pay your super and how to correctly identify you to the fund.
  • Rollover super to your chosen fund  - You can do this online through myGov. For more information, look at the Australian Taxation Office's (ATO's) keeping track of your super page. Or you can transfer your balance to your new fund by contacting them by phone or online.

Video: Too many super accounts?

Too many super accounts? video

In this video, the ATO explains how you can use myGov to combine all your super accounts.

Transcript: Too many super accounts?

Consolidating your super fund accounts takes a bit of effort in the short term but will reward you in the long term. You'll feel more in control and be able to watch your super grow.


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Last updated: 03 Jul 2018