Consolidating your super
You can consolidate your super easily today by logging in to your member portal.
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.
Why consolidate your super?
If you've changed jobs or regularly work on short term freelance or contract projects, you may have accumulated multiple super accounts. 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.
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.
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 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.
Consolidate your accounts easily online
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.
Other ways to consolidate your super
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.
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 super from foreign accounts.
Locate your lost super
If you’ve had many super funds over your working life, you may have forgotten to update your details with your fund. Any super accounts you’ve lost track of may have been transferred to the Australian Tax Office (ATO).
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 lost 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 lost or unclaimed super, 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.
*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 seek financial advice or speak to our Advice Services Team.
Consolidating your super
If you're keen to get on top of consolidating your accounts and you're a Media Super member, log into your online account. We’ll need to verify it’s you, so have your ID available.