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Consolidate your super: A simple guide
6min
It’s easy to find yourself with multiple super accounts, especially if you’ve changed jobs. But having all your super in one place can help you save on fees and make your super easier to manage.
It’s quick and easy to bring your super together.
Benefits of consolidating your super account
1. You'll pay less fees
Every super fund charges fees. Some are the costs of administering and running your account. Others are paid to the investment managers you invest with. And there are also transactional fees that you're charged if you switch your investment options. By consolidating your accounts into one, you’ll reduce the amount of fees you pay.
2. You’ll have a clearer view of your investment strategy and performance
If you have multiple super accounts, it’s likely that you have multiple investment strategies as well. This can make it difficult to work out whether your super is invested in a way that suits your investment needs. Consolidating your accounts means you’ll know exactly how your super is invested and how it’s performing. It’s far easier to keep track of it that way.
3. You won’t pay multiple insurance premiums
If you have insurance cover for each of your super accounts, that means you’re paying multiple sets of insurance premiums and may have more insurance than you actually need.
4. You may end up with significantly more money at retirement
Paying less fees and insurance premiums, combined with the power of compounding returns, means you’ll likely grow your retirement savings faster.
Things to note before you start consolidating
Even though there are lots of good reasons to combine your super accounts, there are a few things to consider before going ahead:
- Check the insurance cover on all your super accounts. Does the account you’re planning to keep have enough cover for your needs?
- Where are your employer contributions going? If it’s one of the accounts you want to close, you’ll have to let your employer know where your contributions should go from now on. You can do that by using one of these forms:
Use this form if you want your contributions going into your CFS super account:
You can use the ATO’s standard form for any super account:
- Do any of the accounts you’re planning to close have regular contributions going into them – such as regular direct deposits or a salary sacrifice arrangement? If so, you’ll need to change this with your bank or employer before you close that account.
- If you have an SMSF or defined benefit fund, it’s best to speak to a financial adviser before consolidating these type of accounts because they have special conditions that can be complicated.
Taking your super to a new job
It’s easier than it used to be to take your super with you to a new job because of a new super legislation called super stapling. It means when you start work with a new employer, if you don’t tell them where you want your super contributions to go, they have to check with the ATO to see whether you already have an account set up with a super fund. If you do, your employer has to contribute to that account.
However, to make sure your super will be paid into the account you want, the best thing to do is give your employer a Fund Nomination form.
Finding lost super
Are you not sure whether you have multiple super accounts? It’s easy to check how many accounts you have and which fund they’re with. You might even find that some of the super you’ve lost track of has been moved out of your super fund and transferred to the ATO.
The good news is that it’s easy to find it and bring your super together. We’ve put together a guide for how to do this.
When you should consider switching or consolidating your super account?
Unless you have a good reason to keep multiple super accounts (e.g. for insurance or estate planning purposes) it’s usually best to consolidate them.
If you need help picking the best super fund for you, we recommend speaking with a financial adviser.
Step-by-step guide to consolidating your super
Here are the steps to follow if you want to consolidate your super into your CFS super account:
What’s next?
Superannuation: Your complete guide
Super is an investment in your future. The more you know about it, the better off you’ll be later in life when it’s time to retire.
Find lost
super
What happens if you forget about one of your super accounts? Don’t worry – it’s easy to track it down and move your money into your preferred super fund.
Grow your
super
Thinking about boosting your super with an extra contribution? That’s smart for two reasons. You may pay less tax now, and you’ll enjoy more super down the track.
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Disclaimer
Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the Financial Services Guide (FSG) available online for information about our services.