How to Consolidate Multiple Super Accounts
If you've had more than one job, there's a good chance you have more than one super account — and each one is likely charging its own set of fees, possibly on an insurance policy you didn't know you had. For many people, combining them into a single account is a straightforward way to reduce the number of fees being charged — though whether it's the right move depends on things like the insurance attached to each account, covered below.
Why multiple accounts cost you
Every open super account can carry its own administration fee and investment fee, regardless of the balance sitting in it. On a small, forgotten account, fees can eat through the balance entirely over a few years. Multiple accounts also mean multiple sets of default insurance premiums being deducted — often for cover you're paying for twice over.
Step 1: find every account you have
Log in to myGov and link the ATO's online services. Under "Super," you can see every super account currently associated with your tax file number, including any the ATO is holding on your behalf as unclaimed money. This is also where you'd spot lost super — see How to Find Lost or Unclaimed Super if you suspect there's more out there than what shows up immediately.
Step 2: decide which account to keep
Before consolidating, it's worth comparing the accounts on fees, investment performance, and — importantly — insurance, rather than automatically keeping the one with the highest balance. See How to Choose a Super Fund for the general factors people compare, and consider speaking with a licensed financial adviser if you'd like this assessed against your own accounts.
Step 3: check insurance before you close anything
This is the step people skip and regret. If an account you're about to close has insurance attached (life, TPD, or income protection), closing it cancels that cover. If you've had a change in health since you first took out that cover, you may not be able to get equivalent cover through your remaining fund, or it may cost significantly more. Contact the fund and ask specifically what insurance is attached before closing anything.
Step 4: consolidate through myGov or your fund
The ATO's online services let you transfer balances between funds directly, often within a few days. Alternatively, your preferred fund can usually initiate a "rollover" of other accounts into itself on your behalf — most have a form for this on their website or app.
Step 5: update your employer
Once consolidated, make sure your employer is paying future Super Guarantee contributions into the one account you've kept, not an old one that no longer exists.
Frequently asked questions
Will consolidating my super cost me anything?
Most funds don't charge exit fees for rollovers, but check your specific fund's product disclosure statement, and always confirm insurance implications first.
How long does consolidation take?
Often a few business days when done through myGov, though it can vary by fund.
What if I'm not sure which fund to keep?
Comparing fees, net performance for your investment option, and insurance cover is a good starting point — see How to Choose a Super Fund — and a licensed financial adviser can help if you want that comparison run against your specific accounts.
This article contains general advice only. It has been prepared without taking into account your personal objectives, financial situation or needs, and does not constitute a recommendation to acquire, hold, or dispose of any financial product. Before acting on this information, consider its appropriateness to your own circumstances, and seek independent financial, tax and/or legal advice, or speak with a licensed financial adviser, before making any decision.
