Consolidate your super

Transferring, consolidating, rolling over - they all add up to saving you money

If you're like most people, you've probably had different jobs and worked for different employers over the years. This can mean you have multiple super accounts – including some you may have forgotten about. In some cases, multiple accounts may each be charging fees that affect your retirement savings. One way to address this is by consolidating your superannuation into one account.

What is super consolidation?

Super consolidation is something to consider for anyone with more than one super account. It involves finding and transferring your different super accounts into one account. That way you're only paying one set of fees and only dealing with one super fund.

Is it better to combine super?

That's up to you, but the benefits include only paying one set of super fees and handling just one set of paperwork. This makes it easier to keep track of your super and may reduce admin fees.

It's also easy to find and transfer super - even lost super - into one account:

How do I locate my super?

If you have multiple super accounts linked to the ATO - even from many years ago - you can check these through your MyGov account.

How to find lost super

If you think you may have lost super with the Australian Taxation Office, you can check these via the ATO, either:
a. by completing the Lost Super form and sending to the ATO, or
b. calling the ATO's automated Lost Super Search line on 13 28 65

Once you locate your super, including lost super, you’ll then be given a list of all super accounts in your name, and how much they contain. If an account balance was running low, it may have been transferred to the ATO to look after. If that's the case, you'll need to set up a myGov account or have your existing account linked to the ATO, before you can transfer it.

Are there any disadvantages of consolidating super funds?

Before you transfer your super into one consolidated account, there are a few things related to insurance that you might need to consider:

• Think about whether you want to or can transfer your existing insurance cover, otherwise it could be cancelled

• If you have pre-existing health conditions, check how it could affect your new cover

• Make sure the new cover you will have meets your needs

• Check if there are any other benefits that you value that you may lose. 

• Consider any fees or charges upon consolidating

Why do these things matter? Well, all super funds are different...

Prime Super insurance will look after you

Different funds have different policies with regards to their insurance cover. Most will offer Income Protection insurance and Death & Total and Permanent Disablement (TPD) insurance, however not all funds will cover you to age 70, or for terminal illness, or allow you to have death only cover.  Check your insurance cover and benefits you may lose when consolidating.

How do I transfer my insurance to Prime Super?

Send the following by mail or email to transfer your existing insurance cover to Prime Super*:
●    A completed Application to transfer cover form
●    A copy of your most recent member benefit statement from your previous fund or insurance schedule from your insurer (must not be older than six months and must show that your cover is still active).

*Eligibility criteria, conditions and exclusions apply.

Is there a fee to transfer super?

No, there are no fees to transfer super between super funds in Australia. Not only is there no cost to consolidate super, but it can also save you time and money with only one set of fees, which means more income for you in retirement.

How to consolidate super and transfer super funds

Transferring and consolidating your superannuation into one Prime Super account is simple, with Prime Super supporting much of the process. Just do one of these three:

a. log into your MemberOnline account and make the request via the 'Consolidate super' tab, or

b. download and fill out Prime Super's Roll over your super form/super transfer form.

If you have a MyGov account that is linked to the ATO, you can also transfer your super that way.

If you’d prefer assistance, you can also contact Prime Super directly and a team member can help you through the consolidation process.

How long does it take to consolidate super?

It only takes a few minutes to locate super (including lost super) and combine it into your Prime Super account. Once details are confirmed, it generally takes three business days to make the transfer to your Prime super account. Your other super fund will tell you if they cannot consolidate your super.

It's easy to combine your super online

It’s super easy and only takes a few minutes to find missing super and combine it into your Prime Super account.