Have you had a superannuation account opened on your behalf by an employer before November 2021, in which employer contributions were made, that is not your main superannuation fund?
Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account.
Why You Should Consolidate Your Super:
- Consolidating your super means, you will no longer be paying fees to multiple super funds.
- There is also less paperwork to complete each time
- You will be able to track your super more easily
Before You Consolidate Your Super
Consider how changing super funds affects employer contributions: Certain employers may contribute more to one fund than another. In this case, you should consider switching to the fund that your employer is most compatible with.
Consider how changing super funds impacts your insurance through the fund: Changing funds might mean you no longer receive the insurance benefits. Double checking the details of this is particularly important if you have a pre-existing medical condition or you are aged 60 or over.
Inform your employer of any change in details they may need to pay to your chosen super account.
Don’t simply choose the account with the highest balance. Rather, consider the performance of that super fund, the fees you are required to pay, and whether it is linked to any insurance and other factors. Upon reviewing this, you may find that starting with a completely new fund might be the best way to go rather than choosing between your current super funds.
How To Consolidate To One Of Your Current Super Funds
- Create an account on the myGov website
- Link your myGov account to the ATO
- Go to ‘Super’ and then ‘Manage’
- Select ‘Transfer Super’
Transferring To A New Fund
If you decide that transferring to a new fund is the best option, you can consolidate either by contacting the new fund directly or using an ATO rollover form.
