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Have more than one super account? Chances are, if you’ve changed jobs a few times, you might end up with multiple accounts. While this might not seem like a big deal, it could be quietly draining your retirement savings—higher fees, duplicated insurance, and missed investment opportunities.
Convinced to combine super funds? We’ll walk you through the process, so you can tidy up your finances and get your super working harder for you.
Why Combine Super Funds?
Consolidating your super funds is a small but mighty move—making tax time, retirement planning, and life a lot easier.
- Save on Fees: Each super account charges admin fees, and by combining your super, that’s one (or a few) set less!
- Easy Tracking: With a single account, keeping tabs on your super balance isn’t a headache waiting to happen.
- Simplify Your Paperwork: Fewer accounts equals fewer tax statements and no duplicate insurance costs.
- Avoid Lost Super: When you combine super funds, everything is in one spot, allowing you to focus on growing your balance instead.
Boxes to Tick Before You Consolidate
Already wondering how to combine super accounts? Slow down, there are a few things you want to consider before clicking that transfer button. After all, you don’t want to move to quickly and lose valuable benefits.
Insurance Cover
Many super accounts include insurance for life, TPD (total and permanent disability), or income protection. If you close an account, you may lose this cover—especially if you have a pre-existing condition or are over 60. Before moving everything over, check your insurance coverage and speak to a superannuation financial advisor to help you make the best call.
Employer Contributions
Some employers contribute more to specific funds, and switching funds could mean losing that bonus. Double-check your employment agreement or chat with your HR or payroll team to make sure consolidating won’t affect employer contributions.
Exit Fees & Performance
While most funds no longer charge exit fees, it’s still worth reviewing any fees, features, and long-term performance of your current accounts. The highest balance doesn’t necessarily mean the best performing—you want to make a smart move here. Sometimes a smaller fund with better long-term results or lower fees could be worth keeping, while other times moving everything into a new fund altogether will be better.
How to Combine Super Accounts
Ready to sort your super? Here’s how to combine super accounts.
Step 1: Choose Your Main Super Fund
Start by comparing your super funds to pick which you want to keep. Assess the fees, investment options, past performance, and insurance and choose one that fits your financial goals.
Step 2: Log in to MyGov
Go to my.gov.au and sign in or create an account. Then, link your account to the ATO to view all your super accounts in one place.
Step 3: Select ‘Transfer Super’
Once you’re logged in and connected to the ATO, go to the ‘Super’ section, click ‘Manage’, then select ‘Transfer super’. You’ll see all your current accounts and can transfer balances from one to another.
If you want to transfer your balance to a new fund, contact the fund directly and use an ATO rollover form.
Step 4: Complete the Transfer
Follow the prompts to transfer your balances into your preferred fund. The process is free and usually takes just a few days, and you’ll receive a confirmation once everything is finalised.
Step 5: Keep an Eye on Your Super
Once your super is combined, make sure everything looks right. Review your insurance cover, investment settings, fees, and ensure your employer has the correct fund details to pay future contributions.
Need Help with Your Super?
Combining your super is a smart move that could save you thousands down the track. If you want expert help comparing funds, checking insurance, or planning your retirement strategy, speak with our superannuation financial advisor at Inovayt.
