You can consolidate your super by rolling your accounts into one fund, most easily through ATO online services in myGov. The harder part is deciding which fund to keep and which accounts to close. Merging is simple. Merging badly can cost you insurance cover, a defined-benefit entitlement or your retirement income. This guide covers how to do it, what to check first, and when to get advice.
TL;DR
- Consolidating means rolling several super accounts into one. The ATO and MoneySmart both point to the potential benefits: one set of fees, less paperwork and easier tracking.
- Pick the receiving fund on fees, investments, insurance and features. The biggest balance is not automatically the best fund.
- Check insurance (life, TPD, income protection), defined-benefit rights and employer arrangements before closing anything.
- Tell your employer your new fund's name, USI and member number, or contributions may keep going to the old account.
- If you are 60 or over, have a medical condition, or hold a defined-benefit or SMSF account, get advice before you roll over.
Table of Contents
- Why people consolidate their super
- When consolidating is not a good idea
- Choosing which fund to keep
- How to consolidate your super step by step
- What happens to your preservation rules
- Consolidation and the tax picture
- Our perspective
- When to get advice before you roll over
- FAQ
- Sources
Why people consolidate their super
Most Australians pick up a new super account whenever they start a job with an employer who pays into a different fund. Over a career that can leave three or four accounts, each with its own fees, statements and login.
MoneySmart says consolidating can save you time and money, and it names fees, paperwork and tracking as the main potential benefits. The ATO makes the same point: fee differences can affect what you have at retirement, and fewer accounts are easier to keep an eye on.
Notice what is not promised. Consolidation does not guarantee better investment returns. It removes duplication and gives you visibility. Whether it also saves you money depends on the funds involved.
When consolidating is not a good idea
A balance transfer is not automatically a good decision. Before you move money, check whether the account you plan to close holds something you cannot easily replace.
Insurance inside the old fund
Many super accounts carry default life, total and permanent disability (TPD) or income protection cover. MoneySmart lists insurance as one of the things to check before you consolidate, and asks for extra care if you have a medical condition or are aged 60 or over.
Closing a fund can end that cover. Replacement cover may need underwriting, which means health questions, and may not be offered on equivalent terms. The sensible order is:
- Find out exactly what cover each fund provides.
- Arrange and confirm replacement cover, if you need it.
- Only then close the old account.
If you want to understand the choices, our article on whether to keep, top up or move life cover from super walks through them. Our insurance through super page explains how we approach this.
Defined-benefit accounts
If one of your accounts is a defined-benefit fund, as some public sector and older corporate funds are, stop and get professional advice first. MoneySmart says some defined-benefit entitlements are valuable and may not be available again once you leave. A rollover out of such a fund is often a one-way door.
Employer-specific arrangements
Some employers negotiate fee discounts or additional benefits with a particular fund. Check these before you leave. MoneySmart includes employer contributions in its list of pre-consolidation checks.
An SMSF in the mix
If you hold a self-managed super fund, consolidation has extra moving parts: the trust deed, pension status, investment strategy and the paperwork on both sides. The ATO's comparison tool covers MySuper products, so it does not assess these. Our guide to SMSF pension setup shows how many details sit behind a seemingly simple move.
Choosing which fund to keep
This is the real decision. MoneySmart's central message is that consolidation is a comparison, and the account with the highest balance may be worse than a smaller account once fees, investments, insurance and member benefits are weighed up.
Compare on these criteria:
| Criterion | What to look at |
|---|---|
| Fees and costs | Administration fees, investment fees and any other charges, shown as a dollar amount on your own balance |
| Investment option | Whether the option suits your age and how long until you retire, and its long-term performance after fees |
| Insurance | Type and level of cover, cost, and whether it continues if you stop contributing |
| Features | Account-based pension option, online tools, and the ability to hold your balance after retirement |
| Employer fit | Whether your current employer pays into it |
For a quick check, the ATO's personalised YourSuper comparison tool in ATO online services lets you compare your existing MySuper products with others. It is a useful starting point, though it does not weigh up insurance, defined-benefit rights or SMSF considerations.
A note for people within 10 years of retirement
If you are 50 or over, the fund you keep is more than a place to park money. It may become the account that pays your retirement income. Check whether it offers an account-based pension, how it treats pension payments, and how its investment options handle the years either side of retiring. Our page on retirement planning explains how we look at that.
How to consolidate your super step by step
1. Find all your accounts
Sign in to myGov and link the ATO online service. Under Super you can see the accounts the ATO knows about, including relevant amounts held by the ATO. The ATO's keeping track of your super page explains what you can view, including your balance, where it is held and your contributions.
2. Check each account before you act
For every fund, note the balance, fees, insurance and any special entitlements. The ATO suggests asking your existing fund about fees, charges and lost entitlements, and asking the receiving fund whether it will accept the rollover.
3. Sort out insurance
If you need cover, confirm the replacement is in place before you close anything. See the section above.
4. Start the rollover
There are three practical routes:
- Online through myGov. Go to the ATO service, then Super, then Manage, and select Transfer super. The option appears when you have more than one account.
- Ask the receiving fund to arrange the rollover for you.
- Use an ATO rollover form.
Fund rules decide whether a rollover is accepted and whether you can move the full or only part of the balance. Timing and any fees depend on the funds and the method. The government guidance does not promise a standard processing time or a zero-cost transfer, so ask both funds.
5. Redirect your employer contributions
This step is the one people forget. Consolidating does not, by itself, change where your employer pays. Give your employer the new fund's name, USI and member number. Otherwise contributions may keep flowing into the account you meant to close, and you are back to two funds.
6. Confirm and close
When the rollover has landed, check the new balance and that your insurance is active. Then, and only then, close the old account if it is now empty.
What happens to your preservation rules
Rolling over does not unlock your money. Transferred benefits generally stay preserved until you meet a condition of release. If you are working out when you can actually access your super, our guide to retirement age in Australia covers the timing.
Consolidation and the tax picture
Moving money between funds is only one part of a super strategy. Once you are close to or over 60, how your super is taxed matters as much as how many accounts you hold. Our guide to super tax after 60 sets out the rules, and our overview of superannuation tax rates and the $3M threshold is worth a look if your balance is large.
If you or your partner may qualify for the Age Pension, the way your super is arranged can affect assessment. See our articles on timing mistakes with super and the Age Pension and the Age Pension assets test. For couples with unequal balances, contribution splitting is another lever to consider alongside consolidation.
Our perspective
Most of the people who come to us about consolidation are not asking about the form. They are 50 or older, they have three or four accounts from different jobs, and they want to know which to keep before they retire.
The question we ask first is not "how do I merge these?" but "what is each account doing for you?" One may hold cover that would be expensive or impossible to replace. Another may be a defined-benefit account that should not be touched. A third may simply be a duplicate charging fees for nothing. Treating them all the same is how people end up worse off.
We also see consolidation as one decision inside a wider retirement plan. The fund you keep should suit how you intend to draw an income, how your super interacts with the Age Pension, and what you want to leave to your family. Our advice is based on your actual situation, not a template, and that is especially true here. A tidy account list is a good outcome, but only if it supports the life you are planning.
— Adam
When to get advice before you roll over
Many people can handle a simple consolidation themselves with the myGov tool. Get advice first if any of these apply:
- You are 60 or over, or have a medical condition, and hold insurance in super.
- One of your accounts is a defined-benefit fund.
- You have an SMSF, or are thinking of starting one.
- You are within a few years of retirement and want the fund you keep to pay a pension.
- You or your partner may be affected by Age Pension assessment.
- You have a large balance and want to look at tax.
At Amber Wealth, we are a Melbourne financial planning firm that focuses on pre-retirees and retirees. If you want a second opinion on which fund to keep, our superannuation and SMSF advice team can review your accounts, including insurance, fees and how they fit your retirement income. We also work with clients across Australia where appropriate. You can start from our retirement planning page.
FAQ
Is consolidating super a good idea?
Often, yes, because it can mean one set of fees, less paperwork and easier tracking. It is not right for everyone, though. Check insurance, defined-benefit rights and employer arrangements first, because closing an account can remove cover or benefits you cannot easily get back.
Should I consolidate my super if I am over 60?
It can still make sense, but take extra care. MoneySmart specifically flags people aged 60 or over, and those with a medical condition, as needing to check their insurance before rolling over. A licensed adviser can look at insurance, tax and retirement income together.
Will consolidating super give me access to my money?
No. A rollover moves your money between super funds and does not release it. Your benefits generally stay preserved until you meet a condition of release.
Do I need to tell my employer after I consolidate?
Yes. Give your employer the new fund's name, USI and member number. Without that, your employer may keep paying into the old account.
How long does a rollover take and does it cost anything?
It depends on the funds and the method used. The ATO and MoneySmart guidance does not promise a set timeframe or a zero-cost transfer, so ask both your current fund and the receiving fund about timing and fees before you start.
Sources
- Transferring or consolidating your super, Australian Taxation Office
- Consolidating super funds, Moneysmart
- Keeping track of your super, Australian Taxation Office
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This article is general information, not a substitute for advice from a qualified financial advisor. Consult a qualified financial professional about your own circumstances before acting on anything here. General Advice Warning Disclaimer: The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs & financial situation.