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How to consolidate super

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

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.

1 - 17 of 45
Name Last 1 year performance (p.a.) Last 3 year performance (p.a.) Last 5 year performance (p.a.) Last 10 year performance (p.a.) Fees on $50k balance (p.a.)
Australian Ethical Super Balanced
Green CompanyEthical
Last 1 year performance (p.a.)
+9.53%
Last 3 year performance (p.a.)
+6.73%
Last 5 year performance (p.a.)
+6.71%
Last 10 year performance (p.a.)
+7.56%
Fees on $50k balance (p.a.)
$603
Go to siteMore Info
Hostplus Balanced
Industry fund
Last 1 year performance (p.a.)
+8%
Last 3 year performance (p.a.)
+10%
Last 5 year performance (p.a.)
+6.89%
Last 10 year performance (p.a.)
+8.93%
Fees on $50k balance (p.a.)
$606
Go to siteMore Info
Aware Super High Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+10.92%
Last 3 year performance (p.a.)
+9.62%
Last 5 year performance (p.a.)
+7.64%
Last 10 year performance (p.a.)
+9.29%
Fees on $50k balance (p.a.)
$497
Go to siteMore Info
Virgin Money Super - LifeStage Tracker
LifestageHigher risk
Last 1 year performance (p.a.)
+13.07%
Last 3 year performance (p.a.)
+8.72%
Last 5 year performance (p.a.)
+6.98%
Last 10 year performance (p.a.)
N/A
Fees on $50k balance (p.a.)
$346
Go to siteMore Info
HESTA Balanced Growth
Industry fund
Last 1 year performance (p.a.)
+9.59%
Last 3 year performance (p.a.)
+8.61%
Last 5 year performance (p.a.)
+6.56%
Last 10 year performance (p.a.)
+8.02%
Fees on $50k balance (p.a.)
$477
Go to siteMore Info
CareSuper Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+11.7%
Last 3 year performance (p.a.)
+9.47%
Last 5 year performance (p.a.)
+6.95%
Last 10 year performance (p.a.)
+8.94%
Fees on $50k balance (p.a.)
$553
Go to siteMore Info
AustralianSuper - Balanced
Industry fund
Last 1 year performance (p.a.)
+8.23%
Last 3 year performance (p.a.)
+8.25%
Last 5 year performance (p.a.)
+6.75%
Last 10 year performance (p.a.)
+8.61%
Fees on $50k balance (p.a.)
$382
Go to siteMore Info
Australian Retirement Trust - Growth
Higher risk
Last 1 year performance (p.a.)
+11.96%
Last 3 year performance (p.a.)
+11.95%
Last 5 year performance (p.a.)
+8.36%
Last 10 year performance (p.a.)
+9.53%
Fees on $50k balance (p.a.)
$587
Go to siteMore Info
UniSuper Balanced
Industry fund
Last 1 year performance (p.a.)
+10.34%
Last 3 year performance (p.a.)
+7.54%
Last 5 year performance (p.a.)
+6.63%
Last 10 year performance (p.a.)
+8.37%
Fees on $50k balance (p.a.)
$351
Go to siteMore Info
Virgin Money Super Indexed Australian Shares
Indexed investmentHigher risk
Last 1 year performance (p.a.)
+14.74%
Last 3 year performance (p.a.)
+11.09%
Last 5 year performance (p.a.)
+7.58%
Last 10 year performance (p.a.)
N/A
Fees on $50k balance (p.a.)
$388
Go to siteMore Info
HESTA High Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+12.58%
Last 3 year performance (p.a.)
+11.27%
Last 5 year performance (p.a.)
+8.3%
Last 10 year performance (p.a.)
+9.46%
Fees on $50k balance (p.a.)
$557
Go to siteMore Info
UniSuper Conservative Balanced
Industry fund
Last 1 year performance (p.a.)
+5.5%
Last 3 year performance (p.a.)
+4.72%
Last 5 year performance (p.a.)
+4.51%
Last 10 year performance (p.a.)
+6.19%
Fees on $50k balance (p.a.)
$366
Go to siteMore Info
Australian Retirement Trust - Lifecycle Balanced Pool
Lifestage
Last 1 year performance (p.a.)
+9.88%
Last 3 year performance (p.a.)
+9.51%
Last 5 year performance (p.a.)
+6.98%
Last 10 year performance (p.a.)
+8.4%
Fees on $50k balance (p.a.)
$547
Go to siteMore Info
AustralianSuper Conservative Balanced
Finder AwardIndustry fund
Last 1 year performance (p.a.)
+5.64%
Last 3 year performance (p.a.)
+5.43%
Last 5 year performance (p.a.)
+5.04%
Last 10 year performance (p.a.)
+6.74%
Fees on $50k balance (p.a.)
$367
Go to siteMore Info
Australian Ethical Super Growth
Green CompanyEthicalHigher risk
Last 1 year performance (p.a.)
+11.43%
Last 3 year performance (p.a.)
+8.37%
Last 5 year performance (p.a.)
+7.44%
Last 10 year performance (p.a.)
+8.33%
Fees on $50k balance (p.a.)
$733
Go to siteMore Info
Australian Retirement Trust - Australian Shares
Higher risk
Last 1 year performance (p.a.)
+14.07%
Last 3 year performance (p.a.)
+11.6%
Last 5 year performance (p.a.)
+7.09%
Last 10 year performance (p.a.)
+8.76%
Fees on $50k balance (p.a.)
$352
Go to siteMore Info
UniSuper Growth
Industry fundHigher risk
Last 1 year performance (p.a.)
+12.51%
Last 3 year performance (p.a.)
+8.62%
Last 5 year performance (p.a.)
+7.1%
Last 10 year performance (p.a.)
+9.17%
Fees on $50k balance (p.a.)
$426
Go to siteMore Info
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Showing 17 of 45 results

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 https://www.chantwest.com.au/financial-services-guide . 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 period ending June 2023 and fee data is updated monthly.*Past performance data is for period ending June 2023 and fee data is updated monthly.

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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