What happens when I combine
What happens when you combine super?
When you combine super, money from one or more super accounts is transferred into the account you choose to keep. The account you transfer from is closed after the full balance has moved.
Combining super can make your super easier to manage and may reduce duplicate account fees. However, it may also affect insurance cover, investment options, employer contribution arrangements and account features, so it is important to check what may change before confirming a transfer.
What happens step by step
When you combine super, the usual process is:
- You choose the super account you want to keep.
- You request to combine your super accounts.
- The balance from the old account is transferred into the account you keep.
- The old account is closed after a full balance transfer is complete.
- Any insurance, investment settings or account features linked to the old account will stop.
- You continue managing your super through the account you keep.
What changes when you combine super
After you combine your super:
- your balances are brought together in one account
- the account you transfer from is closed
- you manage your super through the account you keep
- the fees that apply are based on the account you keep
- you should review your investment mix as this may change
- insurance linked to the account you close will stop
- claiming a tax deduction on eligible contributions in the account will no longer be available
What happens to your old super account?
The account you transfer from is closed once the full balance has been moved out.
If insurance cover, investment choices, beneficiaries, online access, tax deductions on eligible contributions or other features were attached to that account, they will not transfer automatically. You should check what applies before you consolidate.
What happens to fees after combining super?
Combining super may help reduce duplicate administration fees if you currently have more than one account.
After the transfer, the fees that apply will be the fees of the account you keep. These may include administration fees, investment fees, transaction costs or insurance costs, depending on the product and options you hold.
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, unless instructed otherwise.
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.
What happens to future contributions?
After combining super, future employer contributions should be paid into the account you want to keep.
If your employer is paying into an account you want to close, update your super choice details before consolidating so future contributions go to the right fund.
Learn more about combining my super
Example: what happens when you combine with CareSuper
CareSuper members who combine super accounts through Member Online can transfer balances from other funds into their CareSuper account. Once the transfer is complete, they can manage the combined balance through their CareSuper account.
For a member who wants a simpler super setup, combining into CareSuper can reduce the need to manage multiple accounts across different funds.
What should you think about when combining super?
Knowing what happens after combining your super can help you make a more informed decision.
Before combining super, think about:
- which account you want to keep
- what happens to your insurance
- how your investments may change
- whether fees differ between accounts
- whether there are any features you want to retain
- whether future employer contributions will go to the right account
- 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.
To learn more about consolidating your super, visit CareSuper’s combine your super page.
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 you could lose insurance if you consolidate your super.
CareSuper members can also use Member Online to manage their super online.
Frequently asked questions
Yes. The account you transfer from is closed once the full balance has been moved into the account you choose to keep.
Insurance cover in the account you close will stop when that account is closed. Before combining super, check any life insurance, total and permanent disability cover or income protection cover linked to your existing accounts.
When your balance is transferred into the account you keep, it will usually be invested according to the investment mix for that account. If your old account had different investment options, your overall investment mix may change.
Combining super may reduce duplicate administration fees if you currently have more than one account. The fees that apply after the transfer will depend on the account you keep.
Future employer contributions should go to the account you want to keep. If your employer is still paying into an old account, you should update your super fund details with your employer.
Check which account you want to keep, whether insurance may be affected, how fees compare, whether investment options are different, if tax deductions on eligible contributions will be affected and whether your employer contributions are going to the right 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.