Fewer accounts could mean fewer super fees
If you’ve ever changed your name, address or job, chances are you may have more than one superannuation account. This means you may also be paying more than one set of admin fees.
By consolidating your super, or putting it all into one super fund, you’ll only be paying a single set of admin fees. Plus, your super will be easier to manage.
Before you consolidate
Before consolidating your super it’s important to consider:
- any potential fees and costs from your other fund(s), and other potential effects consolidation may have on your super or associated benefits;
- advising your employer – if you’re working;
- you may lose any insurance you have with other super funds, if you close those accounts without transferring your cover;
- whether you intend to claim a tax deduction for personal contributions.
We recommend seeking financial advice before consolidating.
Fees and costs
Before deciding to consolidate your super, it’s important to ask your other super provider(s) about any fees or costs that may apply. You’ll also want to find out about any particular impacts on the benefits that may be associated with your super, such as your insurance.
Advising your employer
If you’re working, you can advise your employer that you’re going to consolidate your super with us, to have your employer contributions paid to AustralianSuper, before you start the consolidation process. Your employer may take up to 2 months to start making contributions to your newly consolidated account.
You can let your employer know by handing them a completed Pay my super into AustralianSuper form.
Insurance
It’s important to know that consolidating your super into your AustralianSuper account doesn’t automatically transfer any insurance cover you have with your other super fund(s). If you want to transfer insurance cover to AustralianSuper, you’ll need to do this before you consolidate your super with us.
You’ll then need to wait until you’ve received written confirmation from us that your transfer request has been accepted and your cover has started before you go ahead and combine your super.
See the Applying for an insurance transfer fact sheet at australiansuper.com/forms for important information about applying to transfer insurance, then log into your account and go to Insurance or complete the Insurance transfer form at australiansuper.com/forms.
How to transfer your insurance
You can apply to transfer your insurance cover from another super fund or your insurer by logging into your account online and selecting My insurance, or by completing this Insurance transfer form.
For more information about transferring your insurance, read the Applying for an insurance transfer fact sheet.
Personal contributions
Are you currently making personal super contributions to another super fund(s)? If you intend to claim a tax deduction for this, you must lodge a Notice of intent to claim a tax deduction for personal contributions form(ATO) with that fund and await their confirmation that the process is complete, before you consolidate your super with us.
How to consolidate your super
If you know the details of your other fund(s)
If you have made the decision to consolidate your super into your AustralianSuper account, you can do this quickly and easily online. Bear in mind that you’ll need to have provided us with your Tax File Number (TFN).1
Another way to consolidate your super with us is to download and complete this Combine your super form and email it back to us.
If you don’t know the details of your other fund(s)
If you don’t know your other fund details or think you may have lost super with the Australian Taxation Office, you can use the online consolidation tool.
To use this tool, you’ll need:
- your login details,
- 2 forms of identification and
- to have provided us with your TFN1.
You can find out more about the online consolidation tool at australiansuper.com/FindLostSuper
What happens next?
Once we’ve received your request to consolidate your super, we’ll contact your other super fund(s) to have them rollover your super to us.
Once your other fund has received the required information and the redemption of your investments are finalised, the rollover generally takes 3 business days. We'll advise you once we've received and processed your super to your AustralianSuper account (within 3 business days).
Keeping track
You can easily keep track of your super, including any new funds that may have come in, by logging into your account online any time.
1. You can check if we have your TFN by logging into your account and selecting My details. Please note that we’re authorised under super law to collect, use and disclose your Tax File Number (TFN). It’s optional to provide your TFN but if we have it, we’ll be able to accept all types of contributions from you, you won’t pay more tax than you need to, and it’ll be easier to find your super. If you transfer your super to/from another fund, we’ll give them your TFN unless you tell us not to in writing.