Is now a good time to consolidate your super?

Costs of living and stresses on financial wellbeing may contribute to a greater focus on planning for retirement, including considering whether to consolidate super accounts to reduce fees.

Having your super in a number of different super funds may be costing you money. It may also make it more difficult to keep track of your super.

By consolidating your super, you may save on two precious commodities – your money as well as your time.¹

Consolidating your super means moving all your super to one fund.

Fewer accounts could mean fewer fees and it also makes your super easier to manage.

You can consolidate your super at no cost in a few simple steps.

Why consolidate super?

If you’ve ever changed jobs, or even your name or address, there is a chance you may have more than one super fund.

This may make it difficult to keep track of how much super you have.

Having all of your super in one fund means you:

• May save money by only paying one set of fees
• Have less paperwork
• Can keep track of your super balance more easily.

Is now a good time to consolidate your super?

If you are thinking of consolidating your funds, there are some things to weigh up.

Consolidating your super into one fund may mean that some of your money being transferred may be out of the market for a short period of time.

In times of volatility, the time that your money is out of the market may have an impact on your balance.

However, delaying consolidation may mean continuing to pay higher fees in total if you have a number of superannuation funds.

Quickly and easily find any lost super

According to Australian Tax Office figures, there’s $13.8 billion held as lost or unclaimed superannuation in accounts across Australia, with almost $2 billion in Queensland alone.²

Finding your lost super can be key to helping you reach your retirement goals.

We aim to make it quick and simple through Member Online to check for any lost or unclaimed super.

Through Member Online, you can search for a full list of any super accounts you may have with other super funds, and any ATO-held super that may belong to you. There are no paper forms to sign or mail in.

Under security measures designed to protect your personal information, you will require personal identification, such as your driver’s licence or passport, to meet an identity check and complete the search.

The results of your search are private.

While we can search for your super funds and lost super automatically, we will never bring your funds over unless you ask us to.

If we find other super for you, you'll be given a choice to consolidate into your QSuper account.

Is there anything to check before I combine my super?

If you are thinking about combining your super into one fund, you can check with your other funds to see if you may lose any benefits like insurance or pension options. If you want to consolidate with QSuper and you have insurance with your other fund, you may be able to transfer your cover across. You may need to make sure your transfer of insurance cover is complete before you consolidate your super.

Get started

1. Before you consolidate your super, please consider if withdrawing savings from your current fund/s could lock in a previous investment loss. You should also check with your other fund/s if you will lose access to benefits such as insurance or pension options, or if there are tax implications.
2. ATO, 18 March 2021, Lost and unclaimed super by postcode, June 2022 at ato.gov.au