How to combine super the easy way
19 March 2025
2
min read
More workers are opting to have just one super account. Could you save money by combining super?
Single super accounts are on the rise
Data from the Australian Tax Office (ATO) shows that around 78% of people with superannuation now have only one super account.1
It's a trend that's steadily growing and the number of people with 2 or more accounts has dropped to 22%.
But how do you end up with more than one?
If you've ever changed jobs, moved house, or even changed your name, you might have super accounts with different super funds.
That means paying more than one set of fees. Which could mean less money for retirement.
What consolidating super means
Consolidating, or combining your super, means moving all of your super into one account.
It’s quick and easy to do and helps you keep track of your super. It also saves on fees.
Before you consolidate
Think about whether it’s right for you. You may lose access to benefits such as insurance or pension options, and you need to consider tax implications.
Why consolidate super?
Moving all your super into one account could save you money. And it makes it easier to keep on top of your retirement savings.
- Pay fewer fees – one account means one set of fees
- Keep track of your super – so you don’t lose super (and you’ll reduce admin, too)
- Better manage insurance premiums – make sure you don’t pay for cover that you don’t need.
How much multiple super accounts could cost you
Having more than one account can potentially cost more than $50,000 when you retire, according to the Productivity Commission.2
Here’s how it works. Based on a $50,000 full-time starting salary:
- a single super account means $833,000 at retirement
- multiple super accounts mean $782,000 at retirement.
That’s $51,000 – or 6% – less to spend due to multiple accounts.
Is now a good time to consolidate your super?
While you can consolidate your super anytime, the right time for you depends on your own situation.
Before you do, there are some things to think about.
- When you move your super, some of your money might be out of the market for a short time. If markets are up and down, this could affect your balance.
- Check with your other funds to see if you’ll lose any benefits like insurance or pension options.
- If you have insurance with another fund, you might be able to bring that cover over to your QSuper account. Check that the transfer of insurance cover is complete before you consolidate.
- The longer you wait, the more it might cost you in fees on multiple accounts.
Taking simple steps to awaken your super now may mean more money for your retirement.
Find any lost super quickly and easily
The Australian Tax Office (ATO) is holding $17.8 billion in lost and unclaimed super as of 30 June 2024.3 Some of it might be yours.
It’s easy to find your lost super and add it to your account through Member Online. You can search for:
- a full list of any super accounts you may have with other super funds
- any ATO-held super that may belong to you.
There are no paper forms to sign or mail in.
And if you find anything, you can choose to combine the money into your QSuper account.
1. Figures are based on member data reported by super funds to the ATO for the year ending 30 June 2024: Trend towards single accounts, accessed 17 February 2025.
2. Productivity Commission Inquiry Report, 21 December 2018, Superannuation: Assessing Efficiency and Competitiveness at pc.gov.au
3. Australian Taxation Office (ATO), 17 September 2024, Total lost (fund-held) and ATO-held super.