Research tells us that many people have questions about their super—an Investment Trends study found 79% of participants sought or intend to seek education from their main fund.
A common question we see is: What happens to my super when I change jobs? We sat down with UniSuper financial adviser Sam Dignam to get the facts.
What happens to my super when I change jobs? Do I need a new super fund?
When you change jobs, your new employer will ask you if you have a preferred super fund or want to join their preferred fund. It’s your choice which fund you want your super paid into.
Changing jobs doesn't mean you have to change your super. Taking your account with you means your super stays all in the one place so it’s easy to manage and you’ll pay less in fees.
Does it matter if I change the type of work I do?
No. Unless specified under an older award or EBA, you should be able to maintain your preferred super account.
UniSuper opened its doors to all Australians on 5 July 2021—that means you can take us wherever you go if you change jobs.
This was one of the biggest changes in the fund’s 40-year history, having previously serviced the higher education and research sectors.
Do I have to let my employer know about my UniSuper account?
When you start a new job, you’ll probably have your bank account details at your fingertips so you can get paid. But it’s also worth having your super details on hand. You can then pass this on to your employer.
You’ll probably have a couple of choices about your super when you start a new job.
1. You can tell your new employer to pay your contributions into an existing super account you already have (which the Australian Taxation Office (ATO) may have selected as your stapled fund)
2. You can tell your new employer to pay your super contributions into a new super fund of your choice.
3. You can let your employer open a new super account for you with their default super fund. Your employer will then pay your super contributions into this new account.
What does it mean to have a ‘stapled’ super fund?
If you’re moving to a new job and have an existing super account that the ATO has selected as your stapled super fund, your employer will be required to make super contributions into your stapled super fund, unless you opt to choose another fund. Visit the ATO for more information.
What should you look for in a super fund?
When you’re comparing super funds, you should look at things like fund performance and the fees you’ll pay.
You can find out about and compare super funds by using:
- the Compare super funds page on our website
- the ATO's YourSuper comparison tool, an online list comparing MySuper products
- the product disclosure statement (PDS) for each super product offered by a fund
- super comparison websites
UniSuper fund facts:
- UniSuper is one of Australia’s largest superannuation funds and is run with members' best interests at the heart of everything it does.
- We don’t pay profits to shareholders or commissions to financial advisers.
- We've managed retirement savings for Australians for over 40 years and earned a trusted reputation.
- We’ve won a string of accolades from Australia’s top ratings and research agencies.
We can be your forever fund
Your relationship with super can span most of your life: starting when you first begin working and continue well into retirement. It’s important to make sure you’re with a reputable super fund that supports you through your life stages.
We’re here for you no matter what life stage you’re at: changing jobs, buying a house, starting a family, focusing on your career, facing unexpected hurdles like redundancy, and creating your best retirement.
So, wherever your life takes you, you can continue to be part of the super fund where future-thinking Australians come together.
Got questions about your super?
We’re here to help. Our super consultants can offer general advice and guidance on a range of topics including:
- Adding money to your super
- reviewing and/or nominating your beneficiaries
- information about your account
- setting up an online account or the UniSuper app
There's no extra cost for general advice—it's all part of being a UniSuper member.
Whether you prefer virtual, phone, or in-person meetings, we're here. Book your 30-minute appointment now to get started unisuper.com.au/advice.