When it comes to your superannuation, it's important to set things up properly now so you won't have to worry about anything while maximising your return.

In this article we're going to dive deep into something you may have heard from time to time: Consolidating your super.

Don't worry if you don't know what this means, we're going to explain everything, why you should do it, and how exactly you go about consolidating your super. If you need help or just someone to talk to, our Sonder support team is available 24/7 to chat whenever you need it.

What exactly does "consolidating your super" even mean?

Consolidating your superannuation basically means moving all your super into one account, making it easier to manage your funds. If you've ever changed jobs, your name or your address, it's possible you may have lost track of some of your super - or simply have it sitting in more than one account.

Why should you consolidate your super?

Over the course of your career, it is likely that you've opened up a number of new superannuation accounts when you've moved jobs, meaning that you've got several individual super funds to manage. Sounds like a lot of work, right?

By consolidating all your super funds into one account, you make life much easier for yourself as you:

  • Will save money by paying only one set of fees compared to several different fees if you still had a number of individual super funds.

  • Will save yourself a lot of paperwork.

  • Can keep track of your super balance far more easily.

What should you do before consolidating your super?

Now before you go about putting all your super into one account, there are a few things you need to do so you can make the most of your funds while making sure you don't lose out on anything important, like insurance.

  • Check that you won't lose any necessary insurance coverage

    • Three main types of insurance are offered through super - Death cover or life insurance, total and permanent disability insurance, and income protection insurance. Make sure that you won't lose any insurance coverage when you change super funds. Some funds offer insurance that can be expensive and/or difficult to get elsewhere, so keep that in mind.

  • Choose which super fund will be your main account

    • This is a tricky thing as you need to decide which fund best suits your needs and objectives. It's not as simple as picking the fund that has the highest balance.

    • For more in-depth information on choosing the right super fund for you, head over to the Australian Government website MoneySmart which provides trustworthy, independent information to help protect your financial wellbeing. If you want to compare super funds and see what best suits your needs, try Canstar (though keep in mind that some of their listings are paid for by some providers).

  • Check that you aren't being charged any exit fees

    • Thanks to the 'Protecting Your Super' law introduced in 2019, exit fees are now banned. However, it's best to double-check if the super fund you're leaving tries to charge you a fee.

Okay, how do I go about consolidating my super?

The good news here is that consolidating your super is now very easy via the ATO. All you need is a MyGov account and a few minutes. Here's what you need to do:

  1. Log in or create a myGov account

    1. You can create an account at my.gov.au

  2. Link your myGov account to the ATO

    1. Learn more about how to do that here.

  3. Select ‘Super’ and then 'Manage' on the ATO website

    1. If the ATO has a record of your super funds, you can then find and choose to transfer your super to another account.

  4. Select 'Transfer super'

    1. The fund to transfer from is called the “transferring fund” and the fund to transfer it to is called the “receiving fund”.

Related reading:

If you have any questions or need extra support, we're here to help you anytime in any language. Simply start a chat with us via the home screen of the Sonder app.

Information sourced from: MoneySmart, SuperGuide,

Image credit: The Simpsons

All content is created and published for informational purposes only. It is not intended to be a substitute for professional advice.

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