Consolidating your super

It's a smart idea to combine, or rollover, your super into one account. Consolidating your super makes it easier to manage and grow your money as you'll stop paying unnecessary fees and insurance premiums. You can consolidate your super easily today by logging in to your member portal.

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Consolidating your super

Why consolidate your super?

If you've changed jobs a few times or regularly work on short term freelance or contract projects, you may have accumulated multiple super accounts over the years. It's easy to lose track, but having multiple accounts could be causing you financial harm.

Stop paying multiple fees

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. Therefore, if you belong to several funds, you may also be paying multiple insurance premiums.

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, consult a qualified financial adviser.

Benefit from compound returns

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 will 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.

Super stapling

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 before this change takes effect or before you start a new job.

Head to the Super stapling explained page for more information, or give the Helpline a call.

Consolidate your accounts easily online

It's quick and easy to bring all your super savings together in one account, and you won't be charged any exit fees by your other super funds.

You can use the 'Find my super' tool in your online account to find and combine your super accounts in just a few minutes.

  1. Log in to your account

  2. Make sure we have your Tax File Number

  3. Search

You’ll be asked to provide evidence of your identity, and the system will then show you any super accounts linked to your name. From here, you can select which account(s) you would like to consolidate into your Media Super account (and the dollar amount you would like to transfer), and we’ll take care of the rest. Please note that it usually takes 3 business days for your super to be transferred.

Other ways to consolidate your super

If you prefer to do things over the phone, we also offer a phone-based service. Alternatively, you can print and complete a 'Combine and Save' form and mail it back to us.

Keep in mind that not all super funds are created equal. Before you consolidate, pick the best super fund for you.

Transferring super from foreign accounts

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 retirement savings from foreign accounts.

Transferring super from a self-managed super fund

To transfer super from a self-managed super fund (SMSF), you will need to provide a completed Rollover Benefits Statement, as well as some additional information about the bank account attached to the SMSF.

Find out more about the Rollover Benefits Statement on the Australia Tax Office (ATO) website.

We also accept transfers from SMSF through SuperStream. Learn more about SuperStream on the ATO website.

Locate your lost super

Super often becomes 'lost' when someone changes their name, address, joins a new fund or simply switches jobs. Lost super can be hard to avoid if you've worked several casual, freelance and part-time jobs or moved around a lot.

If your super fund doesn't have your current address and has been unable to contact you, and you've had no contributions or rollovers into your account in the last 12 months, your super must be treated as lost, and will then be reported to the ATO so you can claim it.

Super funds report lost super to the ATO twice a year. If you've ever changed your job, name or address, you may have some lost super waiting to be found.

You can use the 'Find my super' tool in your online account to search for lost super. If you need to run an advanced search, you can do this through MoneySmart, or on the ATO website via your MyGov account. You can then instruct the ATO to transfer any lost super they have into a specific super account.

Find out more about locating lost super on the ATO website.

Reclaim any unclaimed super

Unclaimed super is different to lost super. It refers to super that is eligible to be withdrawn, but your fund has been unable to contact you. Your account may become inactive or unclaimed if you are:

  • aged 65 or over, haven't made a contribution for the past two years and your fund hasn't been able to contact you for five years

  • a former temporary Australian resident, and it has been more than six months since you left Australia and since your visa expired

  • entitled to be paid your ex-spouse’s super in a divorce, and your fund hasn't been able to contact you

  • a member with lose super whose account balance is less than $6,000, or whose account has been inactive for 12 months and we are satisfied that it will never be possible to pay an amount to you.

If you are attempting to claim super on behalf of someone who is deceased, their fund may have been unable to pay benefit to their beneficiaries if the super had been marked unclaimed and the fund was not in contact with the super holder prior to their death.

To locate and consolidate your unclaimed super, visit the ATO website.

*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 consider consulting a qualified financial adviser.

Consolidating your super

We can help you find, combine and understand your super. If you're keen to get on top of consolidating your accounts and you happen to be a Media Super member, we can handle the whole process for you, free of charge. We can also find your lost or missing super, assist you with transferring foreign pensions, and help you identify ways to increase your super balance.