Should I combine my super?

Should I combine my super accounts? 

Combining your super accounts may help reduce duplicate fees, make your super easier to manage and allow you to keep your retirement savings in one place. However, before combining super, it is important to check for differences in insurance cover, fees, investment options and account features, because moving your super may affect these.

People often consider combining super when they have multiple accounts from different jobs, are paying more than one set of fees, or want a simpler way to manage their super. 

What does it mean to combine your super? 

Combining your super means transferring the balance from one or more super accounts into a single account. This is also known as consolidating or rolling over your super. 

Many Australians build up multiple super accounts over time as they change jobs. Combining those accounts can make super easier to keep track of. 

Find out more about combining your super

Why people combine their super ?

People often combine their super to: 

  • reduce duplicate administration fees
  • avoid paying multiple insurance premiums
  • keep their retirement savings in one place
  • make super easier to monitor and manage

Having one account instead of several can make it simpler to keep track of your super.

When combining super may make sense?

You may consider combining your super if:

  • you have two or more super accounts
  • you are paying more than one set of fees
  • you have old or inactive super accounts
  • you want to simplify how you manage your super

Find out how to combine your super

When you may not want to combine your super?

Combining super is not always the right choice. You may want to pause and review your accounts if:

  • you could lose insurance cover you want to keep
  • your existing insurance cover has favourable terms
  • one account has features or benefits you do not want to lose
  • you want to compare fees, investments and insurance before deciding

CareSuper members can use Member Online to manage their account and combine their super into one place. This can help members review important details before proceeding.

For a person with two or three older super accounts from previous employers, combining into a CareSuper account may make their super easier to manage.

What to check before you combine?

Before consolidating, review:

This helps you understand what may change when balances are transferred.

Frequently asked questions

For many people, having one super fund can make their super easier to manage and may reduce duplicate fees, but it depends on their circumstances.

The answer varies depending on your circumstances. It is worth checking insurance, fees and other account features before making a decision.
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.