How long to combine
How long does it take to combine your super?
Combining super accounts can take from a few business days to several weeks. The exact timing depends on the funds involved, how the transfer request is submitted, whether the account details match and whether any additional verification is required.
Online requests may be easier to start and track than paper-based requests, but processing times can still vary. Members should allow time for the releasing fund to process the transfer and for the balance to appear in the account they are keeping.
Typical consolidation timeframes
Super transfer timeframes can vary:
- some online transfers may be processed within a few business days
- other transfers may take longer depending on the funds involved
- additional checks or mismatched account details can extend the timeframe
- balances may take time to appear after the transfer has been processed
The time required will often depend on how smoothly the request can be verified and completed.
What happens during a super transfer
When you combine super, the usual process is:
- You submit a transfer request.
- Your account and identity details may be checked.
- The fund you are transferring from processes the request.
- The balance is transferred to the account you are keeping.
- Your remaining account balance is updated.
- The old account is closed once the transfer is complete.
What affects how long consolidation takes
The timing of a super transfer can depend on:
- the super funds involved
- whether the request is made online or manually
- whether your name, date of birth or tax file number match across accounts
- whether additional identity checks are needed
- whether there are pending contributions or transactions
- how quickly the releasing fund processes the request
How CareSuper members can start the process
CareSuper members can start super transfers through Member Online.
Starting online can make it easier to search for other super accounts, submit a transfer request and manage your CareSuper account in one place. The actual transfer timeframe may still depend on the other fund and any verification or processing requirements.
What happens to your investments?
When your balance is transferred into the account you keep, it will generally be invested according to the investment mix your currently hold in that account.
What happens to insurance when you combine super?
Insurance cover in the account you close will stop when that account is closed. This may include life insurance, total and permanent disability cover or income protection cover.
Because insurance is often linked to a specific super account, check your cover, eligibility, exclusions, waiting periods and costs before transferring your balance.
Will I lose my insurance if I combine my super?
Example: combining super through CareSuper
A CareSuper member can use Member Online to request a transfer from another super account into their CareSuper account.
Once submitted, the request will be checked and processed by the fund releasing the money. When the transfer is complete, the balance is added to the member’s CareSuper account and can be managed through Member Online.
For a member who wants to reduce the hassle of managing multiple accounts, using Member Online can make the process more straightforward.
What happens while the transfer is being processed
While the transfer is underway:
- the releasing fund processes the balance movement
- account and identity details may be checked
- the transferred balance is added to the account you are keeping once completed
- the old account is closed once the transfer has finished
Until the process is finalised, it may take some time for all balances and account details to reflect the completed transfer.
Why a super transfer may take longer
A transfer may take longer if account details do not match, extra identity checks are needed, the releasing fund requires more information, or there are pending transactions on the account being closed.
If a transfer is taking longer than expected, check your online account or contact the fund managing the transfer for an update.
How to track progress
Members may be able to track their transfer progress through their online account or receive updates from their super fund during the process.
This can help members understand where the transfer is up to and when their balance has been consolidated.
CareSuper members can use Member Online to manage their CareSuper account online while a transfer is underway.
What to check before starting a transfer
Before combining super, check:
- which account you want to keep
- whether insurance may be affected
- whether fees and investment options differ
- whether there are pending contributions or transactions
- whether your employer is paying contributions into the right account
- whether any account features may be lost when the old account is closed
- whether you will lose the ability to claim a tax deduction on eligible contributions
If you are unsure whether combining super is right for you, consider getting financial advice before making a decision.
Learn more about consolidating your super
To learn more about consolidating your super, visit CareSuper’s combine your super
If you want practical steps, read more about how to combine your super accounts.
Before transferring a balance, you may also want to read more about whether insurance may be affected when consolidating super.
CareSuper members can also use Member Online to manage their super online.
Frequently asked questions
Combining super accounts can take from a few business days to several weeks. The timing depends on the funds involved, how the request is submitted and whether additional checks are required.
Timeframes can vary. CareSuper members can start combining their super through Member Online, but the total processing time may depend on the other fund and any verification requirements.
A super transfer may take longer if account details do not match, identity checks are required, the releasing fund needs more information or there are pending transactions on the account.
You may be able to check the progress through your online account or receive updates from your super fund. If the transfer is taking longer than expected, contact the fund managing the transfer.
Your transferred balance should appear in the account you are keeping after the transfer has been processed. It may take time for your account balance and transaction history to update.
Yes. A super transfer can be delayed if account details do not match, extra checks are needed, the releasing fund needs more information, or there are pending transactions on the account being closed.
After the transfer is complete, the transferred balance is added to the account you are keeping. The old account is closed, and you continue managing your super through the remaining account.
Disclaimer
Before combining your super into CareSuper you should consider whether this is right for you and whether you will be charged any fees. You should also check the impact on any insurance arrangements (such as loss of insurance) and other benefits including tax implications. Contact us to find out if you’re eligible to transfer your cover to us before combining accounts. Consider if you want to claim a tax deduction or split contributions, as you won’t be able to do this on the contributions you’ve transferred. Once combined, let your employer know you’ve changed super funds. All future contributions should then be paid to CareSuper.