Should I Consolidate My Super Accounts? The Simple Answer

Short answer

Yes — for most Australians, consolidating your super into one account is a smart move. It cuts duplicate fees, makes your super easier to track, and keeps more of your money compounding. But (and this is important) you should check three things before you hit merge: insurance cover, investment performance, and any exit fees.

Why do so many of us have multiple super accounts?

It happens almost by accident. You start your first job at 16 at Woolies — they open a super account for you. Then you switch to a cafe job, and the new employer sets up another one. A few years later you land an office role, and there's account number three.

The ATO estimates around 4 million Australians have more than one super account. For parents, it's even more common — career breaks, part-time work, and juggling multiple jobs mean accounts can pile up without you noticing.

Here's what I hear from mums in my clinic all the time: "Ava, I honestly don't even know how many super accounts I have." You are not alone.

What multiple accounts actually cost you

Every super account charges fees. Even the "dormant" one you haven't looked at in five years is quietly deducting admin fees, investment fees, and possibly insurance premiums.

Let me show you what that looks like in real dollars:

The numbers assume a $50,000 balance split across accounts with average industry fees. Over a working life, that extra $350 a year compounds into thousands in lost retirement savings — money that should be working for you, not paying admin costs.

And that's before we talk about the headache of tracking multiple statements, updating your details three times, and trying to figure out which fund has your insurance.

How to find all your super accounts (takes 5 minutes)

This is the easy part. The ATO has done the hard work for you:

1. Log into your myGov account
2. Go to ATO, then select Super
3. Click Manage my super
4. You'll see every super account registered to your TFN — with balances, fund names, and account numbers

If you don't have a myGov account yet, head to my.gov.au to create one. You'll need your TFN and some ID documents.

For any accounts showing a zero balance, the ATO may have already transferred that money into a consolidated holding account. You can transfer it from there to your chosen fund during the consolidation process.

The 3 things to check before you consolidate

Before you click "transfer," pause and check these three things. They're what separate smart consolidation from a costly mistake.

1. Insurance cover

This is the big one. Many super funds include default life insurance, total and permanent disability (TPD) cover, and income protection. If you close an account, you close the insurance that comes with it.

Ask yourself:

• Do I have a health condition that would make new cover expensive or hard to get?
• Does my main fund already have enough insurance?
• Am I covered outside super (through my employer or a separate policy)?

If the answer to the first question is "yes," consider keeping that account open — or at least talk to a financial adviser before making a move. Insurance inside super can be surprisingly good value, and once it's gone, getting it back isn't always straightforward.

2. Investment performance

Not all super funds are created equal. Before you consolidate everything into one fund, compare how each fund has performed over 5 and 10 years. Don't just look at the last 12 months — super is a long game.

You can check fund performance on the ATO's YourSuper comparison tool or on the fund's own website. Look at the net return (after fees and tax) for a similar investment option (e.g., "balanced" or "growth").

If your current main fund has consistently underperformed compared to one of your old ones, it might make more sense to consolidate into the better-performing fund instead.

3. Exit fees and special benefits

Most modern super funds don't charge exit fees, but some older accounts (especially retail funds opened before 2019) might. Check the PDS (Product Disclosure Statement) or call the fund to ask.

Also, check if your old fund has any valuable benefits you'd lose:

• Cheaper insurance rates locked in from when you were younger and healthier
• Defined benefit components (rare but still exist in some government and corporate funds)
• Loyalty bonuses or discounted fee tiers

How to actually consolidate (step by step)

Once you've checked those three things, consolidating is straightforward:

1. Log into myGov → ATO → Super → Manage my super
2. Choose your preferred fund — the one you want to keep
3. Select the accounts you want to transfer money from
4. Confirm the transfer — the ATO will move the money for you

Alternatively, you can log into your preferred fund's website or app. Most major funds (AustralianSuper, Hostplus, REST, Aware Super, etc.) have a "consolidate" or "find my super" button that walks you through the same process.

The ATO says most transfers are completed within 3 working days.

What about my employer contributions?

Once you've consolidated, make sure future employer contributions go into your chosen account. When you start a new job, you'll fill out a Superannuation Standard Choice form. On it, you nominate your preferred fund — and that's where the money goes.

If you're not sure what details to give your employer, log into your fund's app or website. Most have a pre-filled form or a letter you can download with all the account details your payroll team needs.

The bottom line

For most Australian families, consolidating super is a low-effort, high-reward move. It saves on fees, simplifies your finances, and means you can actually keep track of your retirement savings — all in about 10 minutes of clicking through myGov.

Just check your insurance first. That's the one thing I've seen people regret.