Consolidating your super means combining your super balances into one account.
High-pressure sales tactics are putting your super savings at risk. Be on red alert for phone calls, click bait advertising and promises of unrealistic returns to encourage you to put your super into risky investments. Stop, think carefully, and check the claims first.
Read the investor alert and our tips on how to protect your money.
Why consolidate your super
Consolidating your super can save you time and money.
If you consolidate (sometimes called 'rollover' or 'transfer') your super into one account, you may:
- pay one set of fees
- get less paperwork
- find it easier to track your balance.
Start with a few important checks, to help you consolidate with confidence.
Things to do before consolidating your super
Before you consolidate your super accounts, check you won't lose important benefits.
Check employer contributions
Check to see if changing super funds will affect how much your employer contributes. Some employers contribute more to certain funds.
Check your insurance cover
Before you consolidate your super, check if you have insurance through your current fund. This may include life, total and permanent disability (TPD), and/or income protection insurance.
If you change funds, you may not get the same cover. Take extra care if you have a medical condition or are 60 or over.
If you feel unsure, get independent advice from a licensed financial adviser.
When you change super funds, you usually keep the existing insurance until the replacement policy is issued and your new cover is confirmed.
Tell your employer
When you choose an account, tell your employer where to pay your super. Give them the fund name, unique superannuation identifier (USI) and your member number – plus any other details they ask for.
Check your type of super fund
Check if you have an accumulation or defined benefit account. If it’s defined benefit, get professional advice before you roll your money out of the account. Some defined benefit accounts offer valuable benefits, and if you leave, you can't rejoin. For more information on your options, see types of super funds.
When you consolidate your super, don't just transfer your super into the account with the highest balance. The best account for you may be one of your small accounts, or an account with a completely new fund. See choosing a super fund.
How to consolidate your super
Choose the account you want to keep, then roll your other super balances into it. There are a few different ways to do that.
Option 1: Consolidate super in myGov
myGov will show your super accounts and let you move money from one account to another. Follow these steps.
- Sign into my.gov.au (or create an account).
- Link your myGov to the ATO, if you haven't linked it yet.
- In the ATO service, go to 'Super' and then 'Manage'.
- Select 'Transfer super' (this option will only appear if you have more than one super account).
Option 2: Contact your fund
Contact the fund you want to keep. Ask them how to roll your other super into that account.
Option 3: Use an ATO rollover form
If you cannot use myGov, use an ATO rollover form to request a rollover between funds.
There’s almost $19 billion in lost and unclaimed super in Australia. Some people are surprised to find money they didn’t know they had. Could some of it be yours?
Find out if you have lost super and learn how to get it back.
Changing super funds
If you have one super account and you want to change, you follow similar steps to consolidating super.
You might change funds to:
- get services and features that suit you better
- move out of a fund with low long-term performance
- leave a corporate fund when you change jobs.
Take your time
Don't change funds just because:
- your fund had a bad year — check investment performance over 5 years or more
- last year's top fund looks best — it may not stay on top.
Add extra checks before you switch
Before you change funds:
- check what insurance you have now and what you might lose
- check fees and exit costs
- watch for pressure selling, cold calls and ‘limited time’ offers.
If you feel rushed or unsure, stop and get independent advice from a licensed financial adviser.