What to do if you have multiple accounts with ART

If you want to a new QSuper account in future, you'll need to be eligible.

You might like to get advice about your QSuper account before you get started. For advice about ART accounts, visit the ART website.

Anyone you've authorised on the account/s you're closing will lose their access. Any authorities you've set up on the account you're keeping will stay active.

Examples of people you might have authorised are your financial adviser, spouse, lawyer, administrator, or guardian.

You can check if you have any authorities on your accounts below.

Insurance cover through your super is designed to give you and your loved ones some financial support if the worst should happen to you. It covers you if you can't work for a period (income protection), if you're permanently disabled (total and permanent disability or TPD cover), or if you die (death cover). You'll need to consider whether you have enough cover for your personal circumstances.

Insurance through super can also form part of your estate when you die.

If you become disabled or die, you or your beneficiaries might be able to receive a benefit for death and/or TPD on more than one account.

But if you have multiple accounts with the same product, you'd only be entitled to insurance cover from one account. If you have Income Protection cover on more than one account, you might not be able to claim a benefit from both, or the amount you get might be reduced.

Unless you've opted out of insurance or you're ineligible for some other reason, you'll have insurance cover through each superannuation account you hold.

When you're deciding which insurance to keep, check how much you're covered for on each account. You can check your level of insurance in Member Online.

Look at how much it costs. You might have the same level of cover on multiple accounts, but one has cheaper premiums.

You should also look at other terms and conditions like pre-existing exclusions, waiting periods, and benefit periods.

If you don't wait, the insurance cover you have with the account/s you're closing will be cancelled. You'll only need to worry about this if you want to take the insurance you have in one super account with you to a different account.

If you've started an insurance claim on one of your super accounts, you should consider waiting until you have a decision on your claim before you close that account.

There could also be other impacts. Read the QSuper Insurance Guide (PDF) for more information, or the ART Super Savings Insurance Guide (PDF). Also note that ART Super Savings – Business and ART Super Savings – Corporate accounts have different insurance arrangements to those found in Super Savings accounts. More details about these arrangements are available on your employer's ART microsite.

You can transfer some or all of your insurance cover. Read the QSuper Insurance Guide (PDF) for more information or the ART Super Savings Insurance Guide (PDF). ART Super Savings – Business and ART Super Savings – Corporate accounts have different insurance arrangements to those found in Super Savings accounts. More details about these arrangements are available on your employer's ART microsite.

Don't forget that if you're eligible, you can apply, change, or cancel your cover at any time through Member Online.

This will stop if you transfer your insurance to another account, or close your account.

You can't transfer a Defined Benefit account without closing it first.

You should seek financial advice before deciding to close a Defined Benefit account, as it could impact your retirement benefits.

You can't consolidate Lifetime Pensions. Lifetime Pensions are permanent after the six-month cooling-off period has passed. That means you won't be able to close a pension except in very limited circumstances.

You'll need to submit a notice of intent to claim a tax deduction in Member Online and wait for us to confirm we've got it before you close your account. Learn more about when you can claim a tax deduction on your super.