Super swap: How do you change superannuation funds?

Considering swapping to a different superannuation fund? Here’s a simple step-by-step process for how to do it.

Changing your superannuation fund is a pretty simple procedure these days, after Australian Government reforms to the superannuation system in 2019 meant people could manage their super more easily via the my.gov.au portal. Here’s what it involves:

Step one: Choose

Choose a new superannuation fund and open an account.

Step two: Notify

To ensure funds go into that new account, you need to inform your employer. Use the superannuation standard choice form from the ATO.

Optional step three: Consolidate

If you would like to consolidate your super funds, you need to move your funds to the new super account. There are three ways this can be done:

  1. Use the myGov portal. To do this, you will need to sign into (or create) an account. If you have not already done so, link the Australian Tax Office’s (ATO) online service to your account via the “Link another service” option. Go to the ATO portal, then go to the “Check Super” menu. If your new account has registered with the ATO (this could take some time), a “Transfer super” menu option will appear. You should be able to use this to consolidate your super funds.
  2. Ask your new super fund to consolidate the funds for you.
  3. Use the ATO rollover initiation request form. There are two forms on the ATO’s website. One is for standard superannuation funds and the other is for self-managed super funds (SMSF).

Changing super funds may affect your financial future. You may want to consider seeking professional financial advice.

Consolidating super funds is beneficial for many people but isn’t right for everyone (we explain some of the reasons why here), so the pros and cons should be carefully weighed up. When seeking the right fund for you there are many factors to consider, such as the fees charged, whether the insurance offering is suitable for you and the education and advice available. Past performance is an important consideration because it gives an indication of what a fund has been capable of delivering in the past through varied market conditions. However, investments can go up and down, so past performance is not necessarily indicative of future performance.

If you’re comparing Superannuation funds, the comparison table below displays some of the products currently available on Canstar’s database for Australians aged 30-39 with a balance of up to $55,000, sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Use Canstar’s superannuation comparison selector to view a wider range of super funds.

Fee, performance and asset allocation information shown in the table above have been determined according to the investment profile in the Canstar Superannuation Star Ratings methodology that matches the age group you selected.

Would you like to learn more?

Here are some articles which may provide information that could help you when considering swapping your super:

Comparing funds:

Super and COVID-19:

Knowledge centre: Go to Canstar’s superannuation hub page for more

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This article was reviewed by our Sub Editor Jacqueline Belesky before it was published as part of our fact-checking process.

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