A Quick Guide on How to Consolidate Your Super
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A Quick Guide on How to Consolidate Your Super

Reema Steitie

Reema Steitie

26/03/2021 • 7 minute read

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Why consolidate your super?

Consolidating your super is the simple process of combining all your super into one account. You’ll find that a lot of people may choose to consolidate their super for its benefits. Not only will your super become super easy to manage (pun intended), but you’ll also save on fees. One account, one fee.

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To consolidate your super, you’ll essentially:

  • Pay one set of fees instead of multiple
  • Have less paperwork to take care of
  • Easily track your super
  • Lower your fees, increase your returns

The biggest pros of super consolidation are that it’s easy, free, and can be done in a few simple steps. A study by Rice Warner found a massive difference between a consolidated account and multiple accounts. On average, they found that consolidating an account balance of $50,300 could increase to $90,000. This is a super big 79% jump.

Before we get into the steps, it’s important to make sure you’re with a super fund that meets all your needs. Check out our article on the top-performing funds of 2020 to find the best super for you!

Before consolidating your super

There are a few things to consider before you decide to consolidate your super. For example, you may face the risk of losing your super insurance. We understand this is a big decision, which is why we’ve made a handy list of  things for you to do before consolidating your super, to ensure a smooth process:

  • Check your employer’s contributions. Consolidating your super means you’re combining accounts, therefore it’s important to check how your funds will change. A change in your funds can affect how much your employer contributes. Your employer may actually pay more to certain funds.
  • Check your super’s insurance coverage. Did you know that more than 70% of Aussies have life insurance through their super? To consolidate your super, you’ll have to leave your fund. So it’s very important to check  if you have insurance through the fund. As you know by now, a fair amount of Aussies have insurance through their super. This could be life insurance, income protection, or total and permanent disability insurance (TPD). If you’re considering switching funds, you’ll want to make sure you’re getting the same amount of coverage. This is an especially important step to take if you are someone with a medical condition or over 60. If you’re unsure of how to go about it, it might be best to get the advice of a financial advisor.
  • Let your employer know. Before consolidating your super, it’s really important to tell your employer. Giving your employer all the relevant details can help ensure payments are being made to your desired account.

Consolidating your super may sound complicated, but we promise it’s not. It’s quite simple as a matter of fact! This guide should help you better understand the process of consolidating your super.

Pros and cons

As the saying goes, all that glitters is not always gold. Which is why we think it’s important for you to know all the possible pros and cons. Like any other financial product, a consolidated super will have its benefits and its drawbacks. Here are a few things to consider:

Pros Cons
Pay fewer fees overall You may end up paying more in the long-run
Avoid paying the same insurance twice May have to pay a high exit fee
Easy to manage and keep track of Insurance coverage may be cancelled

Like any financial process, there will always be a few factors to consider. With the pros and cons of consolidating your super in mind, you’ll know what to look out for.

Consolidate your super: Step-by-step

Consolidating your super really isn’t as complicated as it seems. Not only will there be minimal paperwork, but it can also fully be done online! This quick guide will give you a rough idea of how the process works. Don’t worry, it’s super easy and anyone can do it! To consolidate your super, follow these steps:

Step 1: Find your super accounts

Trust us, this process is really easy. The first step to take when consolidating your super is to find out who your accounts are with. Having one super fund is incredibly cheaper than having two. Think of all the fees you’d have to pay with two separate accounts! So if you’re trying to pay one set of fees instead of two, consolidating may be a great idea for you.

Step 2: Choose a primary super

Now, it’s time to choose your primary super. We can imagine having to choose between two funds isn’t an easy task. There are a few factors to weigh up when choosing a super provider. Understandably, sometimes we don’t know what to look out for when picking out a super. Here are a couple of things to look out for when picking a primary super:

  • Performance. Think of a super fund’s investment performance as a prediction of how funds may increase and decrease over time. However, remember that investment rates are always subject to change. Simply put, don’t use a super’s past performance as a solid indication of future performance. When comparing two funds, weighing up their investment performance can help your decision-making process.
  • Fees. If you currently have two super providers, you’re most likely paying two sets of fees. Consolidating your super will significantly reduce your expenses. After all, you’ll only have to pay one set of fees. Now that the time has come to choose a primary super, compare their fees to find the lowest one.
  • Insurance. You may have insurance on one of the super funds you’re currently with. Make sure you contact your provider to find out more on consolidating your super when insurance is involved.
  • Investment options. To pick your primary super, you’ll probably have to compare different investment options. Different investment options serve different purposes. We’ll discuss this later on in the article.
  • Services. If you’re currently a member of two supers, one of your providers may be offering services. If you’re using those services, that’s great! However, if you’re not, you’re most likely being charged additional fees for services you’re not utilising. Some services may include continuous record maintenance, administration of super insurance or investment maintenance.

Comparing supers: Investment options

When comparing supers, you’ll most likely come across some of these investment options:

Investment Options Meaning
Growth This option focuses on long-term asset growth
Balanced A balanced investment focuses on interest and cash instead of shares and property
Cash This option is best for short-term market bonds and securities
MySuper This is a default option for basic funds. It usually comes with minimal fees and features
Ethical/ Responsible investment An ethical investment option is best for people who are committed to environmental factors
Conservative A conservative option tends to be fixed on interest and cash

Step 3: Rollover your super balance into the new fund

Now that you’ve chosen your primary fund, consolidating your super is all smooth sailing from here. The final step is done all online and it’s free! Here’s what to do when the time comes to consolidate your super:

    1. Go onto your primary super fund’s website.
    2. Under the superannuation tab, you’ll most likely find a ‘consolidate your super’ option.

Aus Super Consolidate - Part 1
Example image from Australian Super’s website.

  1. From there, all you’ll have to do is log in, input your details, and all will be sorted out by your provider. Just make sure you have some basic details in hand such as:
    • Your tax file number
    • Identification documents (such as your driver’s license)
    • Your new super product
    • Your old fund’s details

Aus Super Consolidate - Part 2
Example image from Australian Super’s website.

It’s as easy as 1, 2, 3!

That’s it! That’s how you consolidate your super! It’s a simple process that requires minimal effort, and a money-saving outcome. With the steps we provided, you’ll be able to consolidate your super easily. Just find out who you’re currently with, choose a primary super, and then roll over your fund. The best thing about it is it’s all online and free. However, if you are hesitant on some details or steps, consider contacting your provider for more information.
Oiyo is a consolidated online resource, we are not financial advisors. We work with a range of industry professionals and compliance check our articles to ensure factual accuracy. However, we do not provide professional financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.


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Reema Steitie

Written by Reema Steitie

Reema Steitie is a contributing writer for Oiyo, covering topics across the finance and insurance sectors. She is currenty studying a double degree in Business and Communications at the University of Queensland. Reema has worked as a Content Writer within the finance sector and is a passionate advocator for social causes. In her spare time, you can find her at the movies indulging in her love of film.

More about Reema Steitie

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