How to Consolidate Your Super: Complete Guide 2025
Multiple super accounts are costing you money. Learn how to find, compare, and consolidate your superannuation in under 30 minutes.
IntuitiveCalc Team
Financial Content Specialist
The average Australian has worked for 17 different employers by age 60. If each job opened a new super account, that's potentially 17 sets of fees eating into your retirement savings. Consolidating to a single account can save you thousands of dollars over your working life.
Quick Stats
- • $16.8 billion in lost and unclaimed super in Australia
- • Average person with multiple accounts pays $350+ extra in fees per year
- • Consolidation takes about 15-30 minutes via myGov
- • It's completely free to consolidate
Table of Contents
Why Consolidate Your Super?
1. Save on Fees
Each super account charges fees - typically a combination of fixed fees and percentage-based fees. Having multiple accounts means paying multiple sets of fees.
Example: Fee Savings
3 Accounts
- Account 1: $35,000 @ 1.2% = $420
- Account 2: $15,000 @ 1.5% = $225
- Account 3: $8,000 @ 1.8% = $144
- Admin fees: 3 × $80 = $240
- Total fees: $1,029/year
1 Account
- Combined: $58,000 @ 0.8% = $464
- Admin fee: $78
- Total fees: $542/year
- Annual saving: $487
- Over 30 years: $14,610+
2. Easier to Manage
- One login, one statement, one investment strategy
- Easier to track your retirement savings progress
- Simpler beneficiary nominations
- Less paperwork at tax time
3. Better Insurance Coverage
Multiple super accounts often means multiple insurance premiums. Consolidating lets you choose one appropriate level of cover instead of paying for overlapping policies.
Step 1: Find All Your Super
Before you can consolidate, you need to know what super accounts you have. The easiest way is through myGov.
How to Find Your Super via myGov
- 1. Log into myGov
Go to my.gov.au and sign in
- 2. Link to ATO
If not already linked, connect your ATO account
- 3. Go to Super
Select "Super" from the ATO menu
- 4. View Your Accounts
You'll see all super accounts linked to your TFN
What You'll See
The ATO super section shows:
- Fund name - Who holds your super
- Balance - How much is in each account
- Account status - Active, inactive, or lost
- Lost super - Accounts the ATO is holding for you
Lost Super
If a super fund can't contact you or your account has been inactive, your super may be classified as "lost" and transferred to the ATO. You can still claim it - it's your money!
Step 2: Compare Your Funds
Before consolidating, compare your funds to choose the best one to keep. Key factors to consider:
Comparison Checklist
| Factor | What to Look For | Where to Find It |
|---|---|---|
| Total Fees | Lower is better - look at total cost, not just % | Product Disclosure Statement (PDS) |
| Investment Returns | Compare 5-10 year returns after fees | Fund website or SuperRatings |
| Insurance | What cover do you need? What's the premium? | Annual statement or PDS |
| Employer Fund | Some employers require a specific fund | Check with HR |
| Investment Options | Does it offer the options you want? | Fund website |
Understanding Fees
Administration Fee
Fixed annual fee for running your account. Often $50-$100/year.
Investment Fee
Percentage of your balance for managing investments. Usually 0.5%-1.5%.
Indirect Cost Ratio (ICR)
Hidden costs embedded in investment returns.
Insurance Premium
Death, TPD, and income protection premiums deducted from balance.
Compare with YourSuper
The ATO's YourSuper comparison tool helps you compare funds based on fees and returns. It's a great starting point for choosing which fund to consolidate into.
Step 3: Consolidate Your Super
Once you've chosen which fund to keep, consolidating is straightforward:
Consolidate via myGov (Easiest)
- 1. Log into myGov → ATO → Super
- 2. Click "Manage" then "Transfer Super"
- 3. Select accounts to transfer FROM
Tick the boxes next to accounts you want to close
- 4. Select the account to transfer TO
This becomes your single super fund
- 5. Confirm and submit
The transfer usually takes 3-5 business days
Alternative Methods
- Contact your fund directly - Most funds have online consolidation tools
- Paper form - Request a rollover form from the receiving fund
- Through your employer - Some payroll systems can help
Important: Check These First
Before consolidating, make sure you're not losing valuable benefits:
1. Insurance Coverage
Warning: Insurance May Be Lost
When you close a super account, any insurance in that fund is cancelled immediately. If you have pre-existing health conditions, you may not be able to get the same cover in your new fund.
What to do: Apply for and get approved for insurance in your new fund BEFORE closing the old one.
2. Defined Benefit Schemes
Some older super schemes (particularly government or large employer funds) are "defined benefit" - they promise a specific pension based on salary and years of service. These are often very valuable and should not be consolidated without professional advice.
3. Employer Requirements
Some employers have arrangements with specific super funds that may offer lower fees or additional contributions. Check with your HR department before consolidating away from your employer's default fund.
4. Tax Implications
Generally, consolidating super is tax-free. However, if you're consolidating from a taxed fund to an untaxed fund (or vice versa), tax may apply. This is rare for most employees.
After Consolidation
1. Update Your Employer
Complete a Superannuation Standard Choice Form to tell your employer where to pay your contributions. Otherwise, they may open a new account for you!
2. Review Your Investment Option
Now that all your super is in one place, review your investment strategy. Common options:
| Option | Risk Level | Typical Return | Best For |
|---|---|---|---|
| High Growth | High | 8-10% | 20+ years to retirement |
| Growth | Medium-High | 7-9% | 15-20 years |
| Balanced | Medium | 6-8% | 10-15 years |
| Conservative | Low-Medium | 4-6% | 5-10 years |
| Cash | Low | 3-4% | Near retirement |
3. Set Up Beneficiaries
Nominate who should receive your super if you pass away:
- Binding nomination - Fund must follow your instructions
- Non-binding nomination - Fund considers your wishes
- Reversionary beneficiary - Pension continues to spouse
4. Review Insurance
Check your insurance cover is appropriate for your situation:
- Do you need death cover? How much?
- Is TPD (Total and Permanent Disability) appropriate?
- Do you need income protection through super?
Related Calculators & Resources
Income Tax Calculator
See how salary sacrifice to super can save tax.
myGov
Find and consolidate your super here.
YourSuper Comparison
Official tool to compare super funds.
Contractor Super Guide
Managing super as a self-employed contractor.
Key Takeaways
- ✓ Multiple super accounts = multiple fees eating into your retirement
- ✓ Find all your super through myGov → ATO → Super
- ✓ Compare funds on fees, returns, and insurance before choosing
- ✓ Check your insurance before consolidating - it may be cancelled
- ✓ Consolidation is free and takes about 15-30 minutes
- ✓ After consolidating, update your employer to prevent new accounts
Disclaimer: This guide provides general information about superannuation consolidation in Australia as of January 2025. Super is a complex area with significant financial implications. Before consolidating, consider your individual circumstances, particularly regarding insurance coverage. For personal advice, consult a licensed financial adviser. This content is for informational purposes only and should not be considered financial advice.