Do you have more than one super account?
Over the course of your life, you may have had your super put into multiple accounts. There are several reasons why this has happened, including changing jobs or changing your name. By choosing to transfer your super into one super fund, you can avoid missing out on extra earnings.
Consolidating your super into one account can earn more from compounding interest, helping you increase your super balance, which can set you up for a greater retirement.
Having more than one super account can lead to a range of risks, including:
- paying more than one set of fees
- spending more time on admin
- losing track of your super balance
- having unwanted insurance cover.
To help prevent you opening a new super account whenever you start a new job the Australian government introduced super stapling. Super stapling links (staples) a super account to you regardless of whether you change jobs. When you start a new job, you can choose to keep the super account that's been stapled to you rather than a new one nominated by your employer. This can help save you the admin of transferring your money every time you start a new job.
You can learn more about super stapling by viewing our page on super stapling.
Find all your super and bring it together into one account by following these simple steps.
- Log in to your UniSuper account to use the ‘Combine your super’ tool
- Select ‘Verify and search’ to find any other super accounts you may have
- Select the account/s you want to consolidate and confirm your details
Read the transcript
Consolidating your super
In superannuation, consolidation is when the balance of two or more super accounts are combined into one single account.
It's easy to end up with more than one super account but it's also easy to bring your accounts together.
There are lots of good reasons to have just one super account, including less account keeping fees and less admin. And it's easier to take with you when you change jobs.^
Before combining accounts, there are a few things to think about, including this quick checklist.
Firstly, make sure your employer's paying your super to your preferred super account, and if they aren't, ask them to do so.
Secondly, check if you need to transfer any insurance from another super fund over to your preferred account. If you do, you'll need to keep both accounts active while your insurance transfers across, so that you and your loved ones stay covered.
And thirdly, if you're planning to claim a tax deduction for any personal contribution you've made to your other accounts, you'll need to wait for your fund to send you written acknowledgment of your 'notice of intent to claim'.
Once you're ready to combine your super, there are a couple of easy ways to do it.
Firstly, link your myGov to the ATO. Once you're logged into myGov, select 'Australian Taxation Office', 'Super' and 'Manage' to see a list of all your active super accounts. Select the account you want to keep as your preferred account, and which account balances you'd like to transfer across.
If you're a UniSuper member, we make it easy to consolidate your super as well. Just log in to your online account and search 'Combine my super'. Select 'Help me find my super' and follow the steps from there. Choose the accounts you'd like to consolidate into UniSuper and we'll take care of the rest.
And that's it! It should take around three working days for everything to process.
After consolidating, you'll receive what's known as an 'exit statement' from your former fund confirming the transfer. You'll also be able to see your balance increase in your preferred super account as the money goes in.
For more information about consolidating your super, visit unisuper.com.au/consolidate.
^Before combining your super, consider the possible effects this might have on things like the fees you pay, the conditions of your insurance (including whether you can transition your insurance in your other fund to UniSuper) and the tax on your super. There could be other effects too, so it’s best to seek financial advice if you’re unsure.
The information contained in this video is of a general nature and doesn't consider your personal circumstances. Before making decisions, consider the relevant PDS and TMD on our website and your circumstances, and whether to seek financial advice. UniSuper Advice is operated by UniSuper Management Pty Ltd ABN 91 006 961 799 (USM), which is licensed to provide financial product advice. USM is also the administrator of the fund UniSuper ABN 91 385 943 850 (UniSuper). UniSuper Limited ABN 54 006 027 121 is the trustee of UniSuper.
Benefits of consolidating your super
Pay only one set of fees and charges
Save time with just one account to manage
Keep your super with you, even when you change jobs
Things to do before consolidating your super
Check to see where your super contribution is being sent (employer contributions are 11% for FY24). Find out more about employer contributions and obligations on our superannuation guarantee page.
Consolidating your super into one account may impact the type of insurance cover you have, especially if you had insurance through one of the funds you’re leaving. Before consolidating your super, it’s best to check your current cover and ensure you’ve elected for a similar level of cover when joining UniSuper. Learn more about transferring your insurance cover.
If you want to claim a tax deduction you need to submit a notice of intent to your existing super fund and receive a copy of the acknowledgment and acceptance of the notice before consolidating your super into your new fund. There are limits, known as caps, as to how much you can contribute before taxes are applied. Find out more about the caps that apply to personal super contributions.
Why should you consolidate your super with UniSuper?
Transferring from a Self-Managed Super Fund (SMSF)
Your SMSF administrator needs to initiate your rollover to us. This instruction gets sent electronically and approved via an approved SuperStream payment channel.
Simply provide the UniSuper details below to your SMSF administrator to initiate the rollover.
- Fund: UniSuper
- UniSuper USI: 91 385 943 850 001
- UniSuper ABN: 91 385 943 850
Your account details
- Your UniSuper member number
- The name of your UniSuper Product (Accumulation 1 or 2, Defined Benefit Division, Personal Account)
Consolidating super FAQs
Do you pay tax when consolidating super?
You usually don’t pay tax when consolidating super between super funds.
Situations where you may be required to pay tax include:
- If you have a super benefit directly paid to you by an employer before it goes into a super fund.
- Funds withdrawn outside of the super system, such as a non-fund account.
- If the amount being consolidated is untaxed and goes over the untaxed cap amount, the transferring fund will withhold the taxable amount before your super’s transferred.
How long does it take to consolidate super?
Once you complete and submit your super transfer request it takes three days on average for funds to move to your chosen super fund. It may take longer if a fund requires further information from you.
Can I consolidate super with my spouse?
No—you can only consolidate super accounts under your name into a single super fund.
If you want to reduce fees and costs and improve your retirement planning, you may be able to share your super with your spouse.
How do I consolidate my super if I work for different employers simultaneously?
If you have multiple jobs, you can have your super transferred to your nominated account. Simply provide your employer with the details of your chosen super fund and then consolidate your super once the account has been activated.
How do I consolidate super if you’re not a UniSuper member?
Things you need to know
The information is of a general nature and doesn't consider your personal circumstances. Before making decisions, you should consider whether the information is appropriate for your circumstances otherwise seek financial advice.