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How to consolidate super

Consolidate your super into one super fund to avoid paying multiple sets of fees.

Alison Banney
Alison Banney

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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 is quick and easy to do. In this guide, we'll take you through the steps involved in consolidating your super.

What does it mean to "consolidate" my super?

Consolidating your super means you are combining various super accounts into one account. This process involves finding your various super accounts (if you have any), selecting which account you'd like to keep as your primary super fund and then transferring the super balances from the other accounts over into your primary account. Don't worry, this process is a lot easier than it sounds and your super fund will do most of the work for you.

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.

AustralianSuper - Pre-mixed Balanced Super Fund Offer

AustralianSuper - Pre-mixed, Balanced Super Fund

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AustralianSuper - Pre-mixed Balanced Super Fund Offer

  • 2019 Finder Awards Winner: Best Super Fund - Balanced
  • Join and consolidate your super with the easy-to-use mobile app
  • Australia's largest industry super fund
*To June 2019, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
Promoted
Name Product Past Performance - 1 Year Past Performance - 3 Years Past performance - 5 Years Calculated fees p.a. on $50,000 balance
AustralianSuper - Pre-mixed, Balanced option
2019 Winner
AustralianSuper - Pre-mixed, Balanced option
8.67%
10.72%
9.48%
$437.65
The Balanced option is a pre-mixed, MySuper fund that invests in a diversified range of asset classes.
AustralianSuper is an award-winning industry super fund and is the largest super fund in Australia.
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Sunsuper Lifecycle Balanced
2019 Winner
Sunsuper Lifecycle Balanced
8.52%
10.48%
8.9%
$523
The Lifecycle Balanced option is a MySuper product that invests your super in a balanced fund until you’re near retirement.
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
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Virgin Money Super - Lifestage Tracker
Virgin Money Super - Lifestage Tracker
9.99%
N/A
N/A
$358
The Lifestage Tracker is a MySuper product that invests in a range of asset classes in line with your age.
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
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Future Super Renewables Plus Growth
Future Super Renewables Plus Growth
9.24%
N/A
N/A
$958.60
Future Super is Australia’s first 100% fossil fuel free super fund and is certified by the Responsible Investments Association Australia.
The Future Super Renewables Plus Growth option has a 20% asset allocation in renewable energy projects while excluding investments in live animal export, tobacco and gambling.
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Australian Catholic Super Lifetime - Grow
Australian Catholic Super Lifetime - Grow
6.03%
N/A
N/A
$573
The LifetimeOne investment option is a MySuper product that changes your investment mix as you get older.
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.
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Superestate Balanced Essentials
Superestate Balanced Essentials
New Fund
New Fund
New Fund
$291.50
The Balanced Essentials fund invests in a range of shares, residential property and other assets and has a medium level of risk.
Superestate focuses on investing your super in physical residential properties and charges some of the lowest annual fees in the market.
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QSuper Lifetime - Aspire 1
QSuper Lifetime - Aspire 1
11.03%
9%
9.74%
$395
The Lifetime option is a MySuper product that adjusts your investment mix each 7-10 years as you get older.
QSuper is a member-owned super fund and is one of the largest super funds in Australia.
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LGIAsuper MySuper Lifecycle - Under 75
LGIAsuper MySuper Lifecycle - Under 75
7.27%
9.06%
7.79%
$598
The LGIA MySuper Lifecycle option aims for higher returns while you’re under 75.
LGIA is a medium-sized, member-owned super fund open to all Australians.
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First State MySuper Life Cycle Growth
First State MySuper Life Cycle Growth
7.71%
10.09%
8.3%
$549.42
This MySuper product will invest your super in a pre-mixed Growth fund until you’re 60, then it’ll switch to Balanced.
First State Super is a not-for-profit super fund with more than 750,000 members around Australia.
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HESTA - Core Pool
HESTA - Core Pool
7.25%
9.58%
8.32%
$548.53
The Core Pool invests in a mix of asset classes and is an authorised MySuper product.
HESTA is an industry super fund open to all Australians and designed for employees in the health and community services sector.
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BT Super for Life - MySuper Lifestage Fund
BT Super for Life - MySuper Lifestage Fund
7.41%
10.21%
8.51%
$656.76
The MySuper Lifestage fund invests your super in a mix of asset classes depending on how old you are.
Westpac Group customers can manage their super alongside their day-to-day bank accounts.
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Cbus Growth
Cbus Growth
6.99%
9.9%
9.03%
$565
The Growth fund is a pre-mixed investment portfolio and an approved MySuper product.
Cbus is a leading industry super fund for the building and construction industry, that’s open to all Australians.
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BUSSQ MySuper Balanced Growth
BUSSQ MySuper Balanced Growth
4.88%
7.79%
8.03%
$682.65
The MySuper Balanced Growth option is a ready-made, diversified fund with a medium level of risk.
BUSSQ is an industry fund designed for the building and construction industry and open for all Australians.
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Suncorp Lifestage Fund
Suncorp Lifestage Fund
6.75%
6.88%
7.57%
$581.80
The Lifestage Fund readjusts your investment mix every few years to reduce your level of risk as you get older.
A retail super fund that offers access to personalised financial planning and advice.
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HostPlus Balanced
HostPlus Balanced
6.8%
10.8%
9.65%
$546.76
The Balanced fund invests your super in a range of assets and is designed for high long-term growth.
An industry super fund open to all Australians with a focus on the hospitality and retail sector.
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MTAA My AutoSuper (Balanced)
MTAA My AutoSuper (Balanced)
7.66%
9.33%
9.03%
$469.76
The Balanced option is a MySuper product that invests in a range of asset classes aiming for medium to high long-term returns.
MTAA is a national super fund available to all Australians with a focus on the motor trades and automotive sector.
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MLC MySuper Growth Portfolio
MLC MySuper Growth Portfolio
N/A
N/A
N/A
$728
The Growth option is a diversified portfolio that aims for high growth over the medium to long term.
MLC is a large retail fund open to all Australians. MLC is the wealth management arm of National Australia Bank.
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REST Super - Core Strategy
REST Super - Core Strategy
5.94%
8.57%
7.36%
$497.60
The Core Strategy is a diversified investment portfolio that balances risk and return, and is an authorised MySuper product.
REST is an industry super fund tailored towards the retail sector and open to all Australians with almost two million members.
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UniSuper Balanced
UniSuper Balanced
9.88%
9.97%
9.35%
$361
The Balanced option is a MySuper product that invests in a mix of growth and defensive assets.
A flexible industry super fund for people who work in Australia’s higher education and research sector.
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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 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 the period ending June 2019.

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.

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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