How to Merge Super Accounts
Streamline your Australian superannuation. Discover how to consolidate multiple retirement accounts into one for clearer financial management.
Superannuation, often called “super,” is Australia’s retirement savings system. It involves money set aside throughout an individual’s working life to provide financial support in retirement. Many people accumulate multiple super accounts over their careers. Consolidating these accounts can simplify management, potentially reduce fees, and help grow retirement savings.
Identifying Your Superannuation Accounts
The first step in consolidating your superannuation is to identify all existing accounts, including those from previous employers.
A primary method for finding your super accounts involves using the MyGov portal, which links to the Australian Taxation Office (ATO). Once logged into MyGov, you can access your superannuation information, including details of all your accounts and any lost super. You can also check old superannuation statements or contact former employers.
For each account, gather specific information: the super fund’s name, your account number, and your member number. Your Tax File Number (TFN) is also necessary as a unique identifier.
Choosing Your Consolidation Method
Before consolidating, understand the available methods and evaluate the destination fund. Two primary methods exist: directly through the MyGov portal linked to the ATO, or by contacting your chosen super fund.
The MyGov portal allows you to view all your super accounts and initiate transfers. Consolidating through your chosen super fund means they manage the transfer process on your behalf. Regardless of the method, carefully consider the super fund you consolidate into. Review its fee structure, as varying administration and investment fees significantly impact your retirement balance over time.
Examine any insurance policies held with existing super accounts. Many super funds offer default insurance coverage, such as death, total and permanent disability (TPD), and income protection. Before consolidating, verify if similar coverage can be obtained or transferred to your new fund, or if new coverage is necessary. Also, evaluate the investment options offered by the chosen fund, considering your risk tolerance and financial goals.
Completing the Consolidation Process
Once you have identified your accounts and chosen your preferred consolidation method and destination fund, you can initiate the merge.
If consolidating through the MyGov portal, ensure your MyGov account is linked to the Australian Taxation Office (ATO). Navigate to the “Super” section within your ATO online services. Select the accounts to transfer and nominate the fund for consolidation. The ATO will then handle the transfer request.
If consolidating through your chosen super fund, access their online portal or complete a specific form. Provide details of the super accounts to transfer, including fund names and account numbers. After submitting the request, your chosen fund will contact the other super funds to facilitate the rollover of your balance.
Following Up After Consolidation
After submitting your consolidation request, monitor its progress. Superannuation transfers process within a few business days, though some may take up to ten business days.
Confirm consolidation by checking your MyGov account for updated superannuation details. The ATO online services display your consolidated super balance once complete. Monitor statements from your new consolidated fund, which will reflect the incoming transfers.
Look for confirmation notices from all funds involved. If consolidation does not occur within the expected timeframe, or if discrepancies arise, contact your new super fund or the ATO for assistance.