QSuper- Lifetime MySuper
The QSuper Lifetime option continually adjusts your investment mix in line with your age and super account balance.
- One of Australia’s largest profit-for-members funds
- No transaction or switching fees
- Find and consolidate your super with QSuper’s online tool
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.
*Past performance data is for the period ending December 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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