Why and How to Consolidate Your Super

What is consolidating super?

Consolidating your super means moving all your super money into one account. This can save you time, money, and hassle, making it easier to track your super and manage it.

Why Should You Consolidate Your Super?

Save on Fees: If you have multiple super accounts, you could be paying unnecessary fees for each one. Consolidating into one account means only one fee.

Avoid Wasting Insurance: If you have insurance in multiple accounts, you might be paying for coverage you don’t need. Consolidation can help prevent this.

Simpler to Track: With everything in one place, it’s easier to keep an eye on your super and plan for the future.

How to Consolidate Your Super

Through Your New Super Fund: Most funds can help you consolidate your super, usually online. They’ll handle everything for you.

Through MyGov:

-          Create a MyGov account and link it to the ATO.

-          Under the ‘Super’ section, see all your super accounts and select the one to transfer money into.

-          Confirm your choices, and the transfer will happen.

Using an ATO Rollover Form: You can also fill out a form and transfer the full amount from one account to another.

Things to Consider Before Consolidating

Insurance: Some super funds offer life, disability, or income protection insurance. If you have insurance through your super, check if you can transfer it when you consolidate. If not, ensure your new fund provides the same coverage.

Employer Contributions: Check that your new super fund will still receive your employer contributions.

Match Details: Ensure that all your personal details, like name and TFN, match across your super accounts to avoid transfer delays.

Existing Benefits: If you’re in a special fund (like a defined benefit super), seek advice before moving, as you may lose valuable benefits.

Final Tip

Don’t rush! Take the time to ensure your super fund matches your needs. And remember to check if you’re keeping your insurance coverage and getting the best deal.