Consolidating Super Funds: Find Lost Super & Merge Accounts
IntuitiveCalc Team
Financial Content Specialist
Australians have $16 billion in lost super. Could some of it be yours? Here's how to find lost super, merge multiple accounts, and save thousands in fees.
The Problem: Multiple Super Accounts
The average Australian has changed jobs 12 times before retirement. Each job often creates a new super account, leading to multiple accounts with multiple fees. Research shows that having multiple super accounts can cost you up to $2,600 in unnecessary fees every year.
The Real Cost of Multiple Accounts
3 super accounts x $200/year admin fees = $600/year
Over 30 years with compound interest lost: $57,000 less at retirement!
Plus you're likely paying duplicate insurance premiums.
What is Lost Super?
Super becomes "lost" when the fund has lost contact with you. This typically happens when:
- You changed address without notifying your super fund
- Your account has been inactive for over 12 months
- The account balance is less than $6,000 and is inactive
- Mail to your address has been returned unclaimed
| Super Status | Definition | What Happens |
|---|---|---|
| Active | Receiving contributions or has activity | Continues in your fund |
| Inactive low-balance | Under $6,000, no contributions for 16 months | Transferred to ATO |
| Lost | Fund can't contact you | Reported to ATO as lost |
| ATO-held | Transferred to ATO for safekeeping | Claim through MyGov |
How to Find Your Lost Super
Step 1: Check MyGov
The easiest way to find all your super accounts is through your MyGov account linked to the ATO:
- Log into my.gov.au
- Go to the ATO section
- Select "Super" from the menu
- View "Super accounts" to see all accounts linked to your TFN
- Check "ATO-held super" for any super held by the ATO
What You'll See in MyGov
- All super accounts linked to your TFN
- Account balances (may be slightly dated)
- Whether accounts are active or inactive
- Any super held by the ATO on your behalf
- Option to consolidate accounts directly
Step 2: Use SuperFund Lookup
If you remember the name of an old employer but not the super fund, use the ATO's SuperFund Lookup to find which fund they used.
Step 3: Contact Old Employers
If you still can't find an account, contact your previous employers. They must keep payroll records for 7 years and can tell you which super fund they paid contributions to.
How to Consolidate Your Super
Method 1: Through MyGov (Easiest)
- Log into MyGov and go to ATO
- Select "Super" then "Manage"
- Choose "Transfer super"
- Select the accounts you want to transfer FROM
- Select the account you want to transfer TO
- Confirm the transfer
Transfers through MyGov are typically processed within 3-5 business days.
Method 2: Through Your Super Fund
- Log into your preferred super fund's member portal
- Find the "Consolidate" or "Roll in" option
- Provide details of your other super accounts
- Your fund will handle the transfer for you
Method 3: Using a Paper Form
If you prefer, you can complete a "Request to transfer whole balance of superannuation benefits between funds" form (ATO form) and submit it to your receiving fund.
Before You Consolidate: Important Checks
- Insurance: Don't lose valuable insurance coverage (see below)
- Exit fees: Check if any accounts charge exit fees
- Pension phase: Be careful consolidating pension accounts
- Defined benefits: Never roll out of a defined benefit fund without advice
- Employer fund: Make sure you can still receive employer contributions to your chosen fund
Insurance Considerations When Consolidating
One of the biggest risks when consolidating super is accidentally losing valuable insurance coverage. Here's what to consider:
Before You Roll Over
| Check | Why It Matters | Action |
|---|---|---|
| Current insurance levels | You might have better cover than you realize | Compare all accounts |
| Pre-existing conditions | Old cover may not have exclusions new cover would | Check policy documents |
| Health changes | If health has declined, you may not qualify for new cover | Apply for new cover before closing old |
| TPD definition | "Own occupation" vs "Any occupation" makes a huge difference | Keep better definition |
| Income protection | Benefit periods and waiting periods vary | Compare terms carefully |
Safe Way to Consolidate with Insurance
- Apply for insurance in your destination fund FIRST
- Wait for the new insurance to be approved and active
- THEN close the old accounts and roll over
- This ensures you're never without cover
Choosing Which Fund to Keep
When consolidating, you need to choose one fund to keep. Consider these factors:
Comparison Checklist
| Factor | What to Look For | Where to Find It |
|---|---|---|
| Fees | Lower total fees (admin + investment) | Product Disclosure Statement (PDS) |
| Investment returns | Long-term performance (5-10 years) | Fund website, Canstar, SuperRatings |
| Investment options | Range of choices that suit your strategy | PDS, member portal |
| Insurance | Quality cover, good definitions | Insurance guide |
| Member services | Online tools, advice access, support | Fund website, reviews |
| Employer contribution | Can your employer pay into this fund? | Check with employer/payroll |
Typical Fee Comparison
| Fund Type | Admin Fee (Annual) | Investment Fee | Cost on $100k Balance |
|---|---|---|---|
| Low-cost industry fund | $52 - $100 | 0.5% - 0.7% | $550 - $800 |
| Average industry fund | $100 - $200 | 0.6% - 0.9% | $700 - $1,100 |
| Retail fund | $200 - $400 | 0.8% - 1.5% | $1,000 - $1,900 |
| SMSF (self-managed) | $2,000 - $5,000 | Varies | $2,000+ (better for $500k+) |
What About Defined Benefit Funds?
Never Consolidate Out of a Defined Benefit Fund Without Advice!
Defined benefit funds (common in government, education, and some large employers) guarantee a retirement benefit based on your salary and years of service. Once you leave, you can NEVER return. The guaranteed income is often worth far more than the transfer value offered. Always seek professional advice before leaving a defined benefit fund.
Consolidation Step-by-Step Example
Case Study: Sarah's Super Cleanup
Sarah's situation:
- Age 35, works in marketing
- Has 4 super accounts from different jobs
- Total balance: $85,000 across all accounts
Her accounts:
| Fund | Balance | Fees/yr | Insurance |
|---|---|---|---|
| Current employer fund | $45,000 | $550 | $200k death, $100k TPD |
| Previous job 1 | $25,000 | $680 | $150k death (no TPD) |
| Previous job 2 | $12,000 | $420 | $100k death, $50k TPD |
| ATO-held | $3,000 | $0 | None |
Current total fees: $1,650/year
Sarah's action plan:
- Chooses to keep current employer fund (lowest fees, best insurance)
- Applies to increase insurance cover before consolidating
- Once new insurance approved, rolls over all other accounts via MyGov
- Contacts ATO to transfer ATO-held super
After consolidation:
- One account with $85,000
- Annual fees: $550
- Fee savings: $1,100/year
- Over 30 years at 7% return: $104,000 more at retirement!
ATO-Held Super
The ATO holds super in several situations:
- Transferred from inactive low-balance accounts
- Unclaimed super from lost accounts
- Super from temporary residents who have left Australia
- Deceased estates where beneficiaries can't be found
How to Claim ATO-Held Super
- Log into MyGov and go to ATO
- Select "Super" then "Manage"
- View "ATO-held super"
- Choose to transfer it to your super fund
- The transfer is automatic once requested
ATO-Held Super Interest
Super held by the ATO earns interest at the CPI rate (inflation). While this is better than nothing, it's typically lower than super fund returns. Don't leave money with the ATO longer than necessary.
Stapled Super Fund Rules
Since November 2021, "stapled super" rules mean new employees are connected to an existing super fund when starting a new job:
- If you already have a super fund, your employer must pay into that fund
- You only get a new default fund if you have no existing super
- This prevents the creation of multiple accounts automatically
Stapled Super Benefits
- No more automatic new accounts every time you change jobs
- Your chosen fund follows you
- Less super "dust" - small accounts scattered everywhere
- Your insurance stays in one place
Common Questions About Consolidating
Will I lose my insurance?
Yes, insurance in the closing fund will be cancelled. Arrange new insurance in your destination fund BEFORE consolidating if you need it.
How long does consolidation take?
Through MyGov: typically 3-5 business days. Through your fund: 3-10 business days. Paper forms: 2-4 weeks.
Are there any tax implications?
Generally no tax on rolling over between complying super funds. But check if any "untaxed" components exist (from some public sector funds).
Can my employer pay into any fund?
Employers must pay into a "complying" super fund. Most major funds accept employer contributions. Check with your employer's payroll department.
Key Takeaways
Summary: Super Consolidation
- Check MyGov to find all your super accounts and ATO-held super
- Multiple accounts = multiple fees eating your retirement savings
- Consolidating can save $1,000+/year in fees
- ALWAYS check insurance before consolidating - don't lose valuable cover
- Apply for new insurance BEFORE closing old accounts
- Never leave a defined benefit fund without professional advice
- Stapled super rules now help prevent new accounts when changing jobs
- ATO-held super earns low interest - transfer it to your fund
- Review your consolidated fund annually for fees and performance