How to consolidate super

Follow these 4 steps to consolidate your super into one super fund to avoid paying multiple sets of fees.

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If you've had several different jobs, it's possible you have more than one super account open in your name. This means you're paying multiple sets of fees that will be eating into your super returns. The solution is to consolidate your super (which just means combining them into the one fund), which is quick and easy to do.

4 basic steps to consolidate your super

1: Locate all your super accounts

2: Choose your primary super fund

3: Roll over your super balances into your primary fund

4: Update your employer

Let's go into more details on these steps now.

How to consolidate your super

Follow these three steps to consolidate your super.

Step 1: Find your multiple super accounts (if you have any)

The first step is to figure out if you even have multiple super funds to consolidate. You can do this by logging into the myGov portal online, which is linked to the ATO. If you don't have a myGov account, you'll need to create one by going to the myGov website and clicking "create account". When you've successfully logged in, click on the "Super" tab to see the details of any super accounts you have in your name, plus find any lost super you might have.

Step 2: Choose your primary super fund

Now that you can see your multiple super funds, you need to pick one to be your primary fund. If you're not happy with any of the funds you already have, you can compare other super funds and open a brand new fund to be your main super fund.

Look for one with low fees, strong investment performance and an investment strategy that suits you (for example if you're young, you might want a high-risk investment strategy, whereas if you're closer to retirement, you might be looking for a low-risk option instead). Compare super funds using the table below or read our guide on choosing a super fund for more tips on how to compare your options.

Spaceship's investment portfolio has a strong focus on technology ETFs.

Spaceship's GrowthX fund is a high-growth option with increased exposure to Australian and international shares, aiming for strong long-term returns.
Green Company
Certified by the Responsible Investment Association Australasia.

This fund invests in renewable energy, innovative technology and sustainable products while avoiding coal, oil, tobacco and live animal exports.
Name Product Last 1 year performance Last 3 year performance Last 5 year performance Last 10 year performance Annual fees on $50k balance
Sunsuper Lifecycle Balanced
Sunsuper is an award-winning super fund with more than 1.4 million members. Its Lifecycle Balanced option invests your super in a mix of growth assets, and reduces your risk when you're near retirement.
Spaceship GrowthX
This is a high-risk investment option that aims to deliver high returns over the long term.
Spaceship's GrowthX fund invests heavily in technology ETFs with high exposures to Australian and international shares. Performance figures and fees supplied by Spaceship, not Chant West.
Australian Ethical Super Balanced
Certified by the Responsible Investment Association Australasia.
Australian Ethical seeks to invest in companies that have a positive impact on the planet, people and animals, such as renewable energy and healthcare while avoiding investments in coal, oil, tobacco and gambling.
AustralianSuper - Pre-mixed, Balanced option
AustralianSuper is an award-winning industry super fund and the largest super fund in Australia. The Balanced fund invests in a mix of different assets like shares, property and cash.
QSuper Lifetime
QSuper is one of the largest profit-for-members funds in Australia. QSuper Lifetime continually adjusts your investment mix in line with your age and your super account balance.
UniSuper Balanced
UniSuper is an industry super fund and one of Australia's largest super funds with more than 450,000 members. Its Balanced option invests in a mix of different asset classes and has achieved consistently high returns for members.
Virgin Money Super - Lifestage Tracker
Virgin Money Super Lifestage Tracker has some of the lowest fees in the market. It invests in a range of different assets in line with your age, reducing your risk as you get older. Plus, you can earn Velocity Frequent Flyer Points when you rollover your super, and on the contributions you make (T&Cs apply).
Aware Super Growth
Aware Super is a not-for-profit fund with more than 750,000 members. The MySuper product invests your super in a pre-mixed Growth fund until you’re 60, then it’ll switch to Balanced.
HESTA Balanced Growth
HESTA is an industry super fund for the health and community services sector and open to all Australians. The Balanced Growth fund invests in a mix of asset classes without taking on too much, or too little, risk.
LUCRF MySuper Balanced
LUCRF Super is an industry super fund open to all Australians with 11 different investment options available. Its default MySuper Balanced option is a simple, diversified portfolio designed to suit most members.
Australian Catholic Super Lifetime - Grow
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.The Lifetime One fund option changes your investment mix as you get older.
Verve Super Balanced
Verve Super is an ethical super fund tailored for women. It seeks to invest in companies making a positive impact, such as renewable energy and women in leadership, while avoiding those that cause harm, such as fossil fuels, tobacco and guns.
AustralianSuper - Socially Aware
The AustralianSuper Socially Aware option doesn't invest in Australian or international companies that directly own coal and fossil fuel reserves, produce tobacco or those which have single-gender boards. Investment performance as of 30 June 2020.
Aware Super - Diversified Socially Responsible Investment
The Aware Super Diversified Socially Responsible Investment is a pre-mixed investment option that excludes companies operating in the tobacco, ammunition, gambling, alcohol, forest logging and pornography industries, as well as companies that attribute 20% or more of their revenue to coal, oil and gas.
Sunsuper - Socially Conscious Balanced
Certified by the Responsible Investment Association Australasia.
The Sunsuper Socially Conscious Balanced option avoids investment in companies that have significant exposure (more than 5% of revenue) to alcohol, tobacco, gambling, pornography, coal and nuclear power manufacturing. Investment performance as of 30 June 2020.
HESTA - Sustainable Growth
HESTA Sustainable Growth is a pre-mixed, diversified investment option with a high to very high risk level. The investment managers take into account the social and environmental impact of the companies in which it invests, and excludes investment in tobacco, fossil fuels, uranium and weapon manufacturing. Investment performance as of 30 June 2020.

Compare up to 4 providers

The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

*Past performance data is for the period ending June 2021.

Step 3: Roll over your super balances into your new super fund

If you've chosen a new super fund, you'll need to join the fund before you can consolidate your super into it. Once your account is open, you can ask your fund to roll over any other super accounts you have into your new fund. You can do this by visiting your new super fund's website or logging into your super account online and looking for a "consolidate your super" button. You'll need to supply the details of the other funds you want to consolidate, and then your super fund will take care of the rest for you.

If you aren't opening a new super fund and want to stick with one of the funds you've already got, you can consolidate your super online while you're in the myGov portal. Identify the fund you want to keep as your "receiving" fund and the others as your "transferring" funds. When you're sure you've labelled them correctly (the receiving fund is the one you want to keep), click "confirm" and the chosen super fund will arrange for your super to be consolidated on your behalf.

Step 4: Update your employer

If you did change funds, don't forget to give your employer the details of your new primary super fund. This ensure you'll get your super paid into the correct account going forward.

Why should I consolidate my super?

There are a bunch of reasons why you should consolidate your superannuation, but here are the top three.

  • You'll save on fees. All super funds charge an annual admin fee as well as investment fees and additional indirect fees (this is the indirect cost ratio) for the ongoing management of the fund. Depending on the size of your super balance and the type of fund you're with, you could be paying a few hundred dollars a year in fees or more. Research has suggested young Australians could end up paying more than $300,000 in super fees by the time they retire. If you've got two super funds, go ahead and double that figure!
  • You'll won't be paying for the same insurance twice. It's likely that you're also paying for various types of insurance, such as death and income protection insurance, through your super. If you have more than one super fund, you could be paying for the same insurance more than once.
  • It'll be easier to keep track of your super. Outside of the financial savings, having one super fund as opposed to several will also save you time and stress. Having one super fund is much easier to keep track of than two or three, as there's less admin and paperwork to worry about. Plus, it's nice to know your retirement savings are all in the one place rather than scattered across multiple funds.

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