How to Switch Your Super Fund in Australia

Australia’s superannuation system, or “super,” is a long-term investment structure designed to fund retirement. Employers contribute a percentage of an employee’s wages into a chosen super fund, with the current mandatory minimum contribution set at 12% as of July 1, 2025. Individuals have the right to choose their super fund, allowing them to select one that aligns with their financial goals and preferences. This choice empowers individuals to manage their retirement savings actively.

Preparing to Switch Your Super

Before initiating a super transfer, gather specific details about your current and prospective new super funds. Collect information from your existing super fund, usually found on your annual statement or online portal. This information should include your fund’s name, member number, and account balance. Understand any insurance policies held within your current super fund, such as life, total and permanent disability (TPD), or income protection cover. These benefits may not automatically transfer, and you could lose existing insurance or face new waiting periods or exclusions when switching.

Research and identify the new super fund you intend to transfer your savings to, ensuring it meets your investment objectives and fee expectations. Obtain specific identifiers for your chosen new fund, including its Australian Business Number (ABN) and Unique Superannuation Identifier (USI). The ABN identifies the super fund, while the USI pinpoints a specific product for accurate SuperStream contributions. These details are typically available on the new fund’s website, its Product Disclosure Statement (PDS), or through the Australian Taxation Office’s (ATO) Super Fund Lookup tool. Confirm the new fund accepts transfers from other funds.

Review the new fund’s Product Disclosure Statement (PDS) and Target Market Determination (TMD) to understand its features, fees, and investment options. Compare the fees and long-term performance of your current fund against potential new funds to make an informed decision. Some funds may offer specific benefits tied to your employer or industry, which could be lost upon switching. Confirm such details with your current fund.

Initiating the Super Transfer

Once information is gathered and a new super fund selected, the transfer process can be initiated. A primary method uses the ATO’s online services via your myGov account. Log into myGov, link the Australian Taxation Office service, navigate to “Super,” then “Manage,” and finally “Transfer super.” This service allows you to view all identified super accounts, including any lost super held by the ATO, and select accounts for transfer. When using myGov, the system typically transfers the whole balance of an account, resulting in the closure of the old account.

Alternatively, you can initiate the transfer directly through the online portal of your chosen new super fund. Many new funds offer an online application process that includes a section for consolidating existing super accounts. This usually involves providing your personal details, Tax File Number (TFN), and the ABN and USI of your previous fund. The new fund then manages the transfer request on your behalf.

For a non-digital approach, a paper form can be used to request a super transfer. The “Rollover initiation request to transfer whole balance of superannuation benefits between funds” form is available from the ATO or your new super fund. This form requires details of your current and new super funds, including their ABNs, USIs, and member number. Once completed and signed, submit the form to either the transferring or receiving fund. This paper form, like the myGov service, typically facilitates the transfer of an entire super account balance.

Monitoring and Confirmation

After submitting a super transfer request, monitor its progress to ensure funds are successfully moved to your new account. The ATO generally advises super funds take around three business days to process a transfer request once received. The overall process, from initiation to funds appearing in the new account, can sometimes take between three and ten business days, depending on the funds involved and required verification. Delays can occur if provided details do not match those held by the fund, if additional identity verification is needed, or due to high processing volumes.

To check your transfer status, you can typically log into your myGov account and access the ATO online services. The “Super” section allows you to view your super accounts and track contributions and transfers, confirming if the rollover has been completed. Check the online portal or statements from your new super fund, as the transferred balance should eventually appear there. If the transfer does not appear within the expected timeframe, contact your new super fund to inquire about any delays.

Once the transfer is confirmed, notify your employer of your new super fund details, including its ABN and USI. This ensures all future compulsory superannuation contributions are directed to your chosen fund. Most super funds can provide a pre-filled Superannuation Standard Choice Form or similar document for your employer. Updating your contact information and nominated beneficiaries with the new fund is necessary to maintain accurate records.