The benefits of consolidating your super

2 min read
7/09/23 2:58 PM

Believe it or not, combining your superannuation into one account and consolidating your balances, (a superannuation rollover), isn’t that hard and has many benefits. Below we have provided you with a short guide on why and how to rollover your superannuation. As always, this is a guide with general information only and make sure you seek financial advice before proceeding to change anything related to your superannuation and financial matters.

What are the benefits? 

It’s almost a certainty that you’re paying fees on all your superannuation accounts. If you have more than one, you’re doubling (or even tripling) up on fees. Why pay more fees than you need to? Superannuation is all about saving and we are here to help you save as much as possible. Rolling over your superannuation means that you have one account to review, pay fees on and one company to liaise with.  Our lives are increasingly busier so why wouldn’t you want to save time and money by consolidating your superannuation. It’s important to remember though that not all that glitters is gold. The highest balance isn’t always the one you want to top-up. When deciding which account to be your final choice, make sure it’s the account that ticks all your boxes. Think about whether it has the right investment path and is in line with your financial, personal and social goals and don’t forget to check the PDS associated with the superannuation product.

Further, if you’ve ever changed jobs, relocated overseas for a period, moved house or just plain forgotten where your superannuation payments are being transferred to, chances are you have some “lost superannuation”. But unlike your socks that went into the washing machine and only one of them returned, it’s never truly lost, rather relocated somewhere else where it can luckily be found! The ATO holds the money until it’s claimed. Read on for your “how-to” guide to learn just how easy it is to check if you have any unclaimed superannuation

How do you rollover your superannuation? 

Check your lost super through myGov. If you have a myGov account and the Australian Taxation Office linked through your account, you can go straight to the ATO portal through myGov to consolidate your super. If you don’t have a myGov account, you can create one by going to Link your myGov account to the ATO. Click through to the ATO portal, and in your dashboard you will see an option for your super. Click on it and select ‘Manage’. If you have more than one super account, you will see ‘Transfer super’. Select this option and choose the fund you would like to consolidate your super into.


You can also use the Rollover initiation request to transfer whole balance of superannuation benefits between funds (NAT 71223). Follow the ATO’s instructions to complete the form, which the ATO will send electronically to the relevant super funds.


You can lodge a paper form with the ATO to start the process or contact your superannuation fund to make the change.

New fund 

Contact your new fund directly and complete an ATO rollover form and they will take care of the rest!

Things to remember

If you have insurance cover through any of your superannuation funds that you plan to close, then you should compare the insurance product to ensure you will be eligible for a comparable or better insurance product with your chosen fund.

If you decide to change funds, make sure you let your Employer know where to send any superannuation contributions and check whether a change in fund will change the amount of money they contribute on your behalf.​​​​ ​​​​ ​​​​ ​