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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.
Follow these three steps to consolidate your super.
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.
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.
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.
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.
There are a bunch of reasons why you should consolidate your superannuation, but here are the top three.
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