Consolidating your super

Each super account will likely have administration and investment fees attached to it, which means you could be paying fees for multiple accounts unnecessarily. You could also be paying premiums on multiple insurance policies attached to these accounts, as a default level of insurance coverage may be automatically provided when you join a new super fund.

Your fees and insurance premiums are taken out of your super balance, so over time, multiple sets of fees will eat away at your future savings. So although you may not feel the implications of this now, it will definitely have an impact on your future savings capacity.

It's worth taking the time to find all your super accounts and consolidate them into one fund. That way, you can stop paying multiple sets of super fees and keep track of one fund instead of several. If you’re not sure where all your super accounts are located, we can help you track them down.

Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, seek financial advice or speak to our Advice Services Team.

Compounding refers to the accumulated interest that is earned on an investment over time. Your super grows through a combination of contributions (made by you and/or your employer), and the returns earned through the investments made by your super fund.

These returns are earned on the entire balance in your account, and are continually reinvested by your super fund, contributing to the growth of your balance over time.

Because these compound returns are earned on your entire account balance, the more money you have in your super account, the greater your returns can be. If your super is split across multiple accounts, however, your compound returns will be smaller, as your account balance in each fund will be reduced by fees and possibly insurance premiums. By keeping all your super in one fund, you can maximise your compound returns because you’ll only be paying one set of fees and insurance premiums, meaning more of your money is invested and earning returns.

Consolidating your super into a single fund allows you to take greater advantage of the benefits of compound returns over the course of your lifetime.

From 1 November 2021, your existing active super account will be ‘stapled’ to you.

A stapled super fund is as an existing active super account which is linked, or ‘stapled’, to you as an individual employee so that it follows you as you change jobs. This is different to the previous system where you were automatically placed in your new employer’s default fund if you didn't make an active choice. This is how many people have ended up with multiple super accounts.

If you currently have multiple super accounts, stapling is another reason you may want to consolidate these into a single account.

Find out more about Super stapling.

If you have more than one super account, chances are you’re wasting money on fees. Consolidating your super into one fund makes it easier to manage and grow your money for your retirement. Log into your online account and search for your super with the ATO using your Tax File Number. You’ll need to verify your identity, so have your ID ready.

If you know the details of your other super funds, you can log into your online account and combine any other super you may have into an account of your choice. All you need is the member or account number of your other funds.

You can print and complete a Combine your Super form (PDF) and mail it back to us.

If you prefer to do things over the phone, you can contact us today and with your permission, we can search for lost or other super for you.

We’ll need to verify it’s you, so have your ID available.

When you're combining super accounts, don't forget about any money you may have sitting in overseas retirement funds.

Find out more about how to transfer super from foreign accounts.