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Should you combine your super?

There are benefits to consolidating your super accounts. This guide will help you decide it that’s the right move for you. 

ofalyn

A little about Martin

Martin Kennedy is the Head of Education Services, responsible for the development and execution of education content and messaging. With over 25 years’ experience in the super industry, Martin has worked in many different roles developing a strong understanding of member communication skills and requirements.

There has been a definite trend over the past four years towards people holding just one super account, rather than two or more.

Keeping all your super together in one account is generally accepted as an easy way to:

  • Save on fees, as you won’t be doubling up on administration and other charges. You may even qualify for further discounted fees from one fund.
  • Reduce your admin, as only one fund will send you an annual member statement, reports, etc.
  • Lower your risk losing super, since you’ll have only one fund to notify if your contact details change.
  • Find it easier to keep track of your balance, investment strategy and progress towards your goals.

Since November 2021, super accounts have been ‘stapled’ to their owners, so that their existing super fund generally follows them when they change jobs. If you have multiple existing accounts, the ‘stapled account’ is determined by defined rules set out in legislation.

This is aimed at helping to reduce the risk of unintentionally holding multiple accounts. However, this doesn’t limit choice. You should consider actively reviewing and choosing the super fund that best suits your needs. As according to the Australian Taxation Office (ATO) more than one in five people in Australia have two or more super accounts.

If you do have more than one account, it’s easy to combine them but there are also some good reasons for holding multiple super accounts. What’s right for you will depend on your circumstances.

We’ve put together this guide to help you make that decision.

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