Step 1: Choose a new super fund
Look for a combination of low annual fees, high long-term returns (10 year performance) and an investment strategy you understand and agree with. If you'd like a bit of help choosing, take a look at our best super fund picks.
Step 2: Join the new super fund
Download the new membership form from the fund's website, which will ask you for the following details:
- Your personal details including your full name, residential address, contact information and Tax File Number.
- Your employer's information including the business name, address and ABN.
- The insurance cover you'd like to include. Most funds will include automatic default death and TPD cover, but you can choose to add income protection cover, or you can opt out of all cover if you don't think you'll need it.
- The details of your nominated beneficiaries (this is who your super will go to in the event of your death).
Finder survey: Which super fund are Australians with?
Response | |
---|---|
AustralianSuper | 23.92% |
Other | 23.82% |
Australian Retirement Trust | 8.17% |
Retail Employees Superannuation Trust | 7.48% |
HESTA | 6.89% |
HOSTPLUS Superannuation Fund | 5.81% |
AMP Super Fund | 5.22% |
Aware Super | 5.22% |
Unisuper | 3.74% |
Colonial First State FirstChoice Superannuation Trust | 2.85% |
MLC Super Fund | 2.17% |
Mercer Super Trust | 1.48% |
Spirit Super | 1.38% |
Care Super | 0.98% |
Construction and Building Unions Superannuation Fund (CBUS) | 0.69% |
Retirement Wrap | 0.1% |
Wealth Personal Superannuation and Pension Fund | 0.1% |
Step 3: Transfer your existing super
Once you've completed the new membership form, there will be another form asking if you have any super you want to transfer over. You'll be asked to provide the following details:
- Your existing fund's name and contact number
- The fund's ABN and USI numbers (you'll find these on your fund's website or on your last account statement)
- Your membership number and/or account number
The new membership form will have the details of where to send the completed form. Once you've submitted this, your new super fund will take care of the rest for you. If you've got more than 1 fund you'll need to submit separate forms for each.
Step 4: Tell your employer
You'll find another form on your new fund's website called "Employee super choice form" or "Pay my super into XYZ Fund". It'll be pre-filled with the details that your employer needs. Add your name and membership number, and give this form to your employer so they can start paying your super into your new fund.
The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, data for a small number of products is provided directly by the individual super fund.
*Past performance data and fee data is for the period ending July 2024
🔥 Quick tip when rolling over your super
"Before you switch funds, check if you've got any additional super funds open in your name that you might have forgotten about. Just log into your myGov account online and click on the "Super" tab to see a list of funds in your name. You may choose to keep one of these funds instead of opening a new one."
Frequently asked questions
Ryan is the founder and CEO at Tribeca Financial, a financial advice firm that listens, learns and then gets you on track. He's an accomplished financial advisor and financial wellbeing coach with over 15 years of experience.
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Ask a question
I am retired from the workforce and receive a part age pension from Centrelink, can I still move my existing super to a better performing provider?
Hi Kev,
Yes, you can think about your superannuation fund as if it’s a bank account – you are a customer and you can move your fund to a different provider whenever you like.
Hope this helps!