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How do I consolidate my superannuation accounts?

Nick Bendel avatar
Nick Bendel
- 2 min read
How do I consolidate my superannuation accounts?

Many Australians have multiple superannuation accounts, which they’ve acquired after swapping jobs during their career.

It’s not uncommon for people in this situation to want to roll all their money into just one account.

Consolidating superannuation accounts can produce three benefits. First, it will make it simpler to manage your super. Second, it will save you money if it turns out you’ve been paying for insurance through each fund. Third, if you close the accounts with the worst returns, it will mean that all your money is invested in the best-performing fund.

Thankfully, consolidating accounts is not a complicated process – indeed, it’s the same process you would use if you wanted to change superannuation funds. You can do it through the government’s MyGov portal or by filling out a rollover form and sending it to your preferred fund.

Final thoughts

If you’ve accumulated multiple superannuation accounts over the years, there might be one or two you’ve forgotten about.

To check, log into MyGov, which will have details of all your active accounts. That way, you’ll know exactly how many accounts you need to consolidate.

While you’re getting your superannuation under control, you might want to punch some numbers into this superannuation calculator, which will tell you how much savings you’ll have when you retire and how fees will affect your savings.

Disclaimer

This article is over two years old, last updated on October 19, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent superannuation articles.

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