How to Consolidate Multiple Super Accounts
Millions of Australians have more than one super account, usually left over from changing jobs, and most do not realise how much it is quietly costing them in duplicate fees. Here is how to check, and how to fix it.
Why This Happens So Often
When you start a new job and do not actively choose a fund, your employer will generally pay your super into a default fund, which may be different from the one you already have. Over a career with a few job changes, this can leave you with three, four, or more separate super accounts, each charging its own set of fees, and in some cases each carrying its own insurance premiums.
The Real Cost of Multiple Accounts
Every additional super account generally means an additional set of administration fees, and sometimes additional insurance premiums, even if the balance in that account is small. You can see how meaningfully fees compound over time using our Fees Impact Calculator. Paying fees on multiple accounts for years or decades can genuinely cost thousands of dollars that would otherwise have been growing your retirement balance.
How to Check for Lost or Multiple Accounts
The easiest starting point is logging into your myGov account ↗ and linking it to the ATO, if you have not already. The ATO can show you every super account currently associated with your tax file number, including any lost or unclaimed super you may not know about.
How to Actually Consolidate
Once you know which accounts you have, most funds allow you to consolidate directly through their member portal or app, generally at no cost to transfer. Before consolidating, check two things specifically:
- Whether any of your accounts include insurance cover you would lose by closing them, since replacing insurance later can be more expensive or harder to obtain
- Whether you are in the middle of any claims or have specific medical circumstances that make keeping a particular account worthwhile
After You Consolidate
Once you are down to a single account, compare its fees and performance against other funds using our Compare page, since consolidating is also a natural moment to check whether you are in the right fund altogether.
See how much duplicate fees could really be costing you over time.
Try the Fees Impact Calculator →This information is general in nature and not financial advice. Before consolidating, consider any insurance or benefits you may lose, and speak with a licensed financial adviser if unsure. See our full Disclaimer for details.