Consolidate your super

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.

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.

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.

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.

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.

If you’re not currently a UniSuper member you can consolidate your super through the ATO. Simply follow the instructions on the ATO’s page on transferring or consolidating your super to get started.