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Money habits

Should you combine your super into one account?

26 October 2015

If you’re like most Australians, your total super wealth is probably spread across two or three funds. While this may not be detrimental to your superannuation outcome, there is a downside to having multiple super accounts.

Find Your Lost Super

You won’t pay multiple fees

Multiple super accounts often mean multiple funds charging you fees. This can add up to quite a lot over the years. For example, if you have four super funds and you pay them all $150 in fees as well as $100 in insurance each year – that’s $30,000 you’ve missed out on over a thirty year period! 

You might also be paying insurance fees from your super for cover you no longer need. All of this is eating away at your overall super balance.

Your super can be simpler to manage

Having several superannuation accounts means extra time spent on paperwork and account management. If your super is all in one place, you only deal with the one provider.

You can keep track easily

If you’ve got several super funds, how do you know what they all add up to? It can be difficult keeping track of all your super when it’s spread across multiple accounts. Having one central super fund keeps your super neat and tidy, so you can see what your total balance is at any one time.

But which fund should you keep?

You don’t have to keep the superannuation fund your employer has set you up with, and it can be quite simple to combine your super into the account of your choice. Alternatively, you could open a brand-new account, such as a Suncorp Everyday Super account.

Compare Suncorp’s Super Accounts

When choosing the super fund that you’ll keep, here are some useful things to keep in mind:

  • Low fees are great, but as with most things (like wine or haircuts), cheapest isn’t necessarily best. Consider what quality and value your super provider is offering you.
  • Some funds – including Suncorp – let you see your super balance in internet banking alongside your everyday bank accounts, which makes it easy to stay informed and know what your super balance is.
  • Some super providers – including Suncorp again! – offer handy online functionality that lets you manage your super easily. This is a great way to keep your retirement savings on track.
  • You can use an online super comparison tool to weigh up your super fund options. They’ll provide a rating based on fees and features of the fund.

Before making a decision about combining your super funds, you should consider the effect it may have on any insurance cover within your super, and other possible implications such as exit fees investment and tax issues. Make time to consult with your financial adviser about what’s best for you.

How to combine your super

Combining several accounts into one used to be so difficult it was hardly worth the bother. But not anymore – many funds now let you combine accounts online. With Suncorp, you can easily combine your super accounts online, plus you can access tools like SuperMatch to help you find lost super via the online member portal. SuperMatch lets you access the ATO database in real time and find and roll over any lost super accounts you have.

Read more:


Suncorp Super products and this information are issued by SPSL Limited ABN 61 063 427 958 AFSL 237905 RSE licence number L0002059 (the Trustee), trustee for the SPSL Master Trust ABN 98 350 952 022, RSE Fund Registration No. R1056655 (the Fund). The Trustee is wholly owned by LGIAsuper Trustee as trustee for LGIAsuper (LGIAsuper) and is not part of the Suncorp Group. The Trustee uses the ‘Suncorp’ brand under licence. Suncorp Super products are not bank deposits or bank liabilities and are subject to investment risk, including loss of the interest and principal invested.  The obligations of the Trustee aren't guaranteed by any company within the Suncorp Group or the LGIAsuper Group, nor do either Group guarantee the performance of Suncorp Super products.

This is general advice only and doesn’t take into account your personal objectives, financial situation or needs. Before acting on any advice in this document, you should consider the appropriateness of the advice to your personal objectives, financial situation and needs. Before making any decision to acquire a Suncorp Super product, you should consider whether this information is appropriate for you and read the relevant disclosure documents, including the PDS, available at suncorp.com.au/super/, or speak to your financial adviser.

SuperRatings Pty Ltd (ABN 95 100 192 283, AFSL 311800) (SuperRatings) does not issue, sell, guarantee or underwrite Suncorp Everyday Super. Go to http://www.superratings.com.au for details of its ratings criteria. 

Before moving your superannuation, you should consider: any fees payable (e.g., for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g., to your investments or tax position.