How to change super funds?

Q: How to transfer super funds

Step one: Choose a new super fund Step two: Notify your employer Optional step three: Consolidate your super funds

If you want to change your super fund to a different provider, there’s a number of things you should consider before making a decision. Here’s a simple guide on what to look for when comparing funds and how to make the change.

Source: Jelena Zelen/Shutterstock.com.

Can I switch super funds?

Most people can choose where they would like their super contributions to be paid, from an employer’s compulsory superannuation guarantee payments to any additional voluntary contributions. In Australia, moving super funds is a fairly straightforward process, so you don’t have to stick with your existing provider if you think you might be able to get a better deal elsewhere.

How can you compare super funds?

If you think you could be getting better returns for your money and are thinking it’s time to change super fund, a good pace to start could be comparing super funds with Canstar. When comparing super funds, the Australian Government’s Moneysmart website says you should weigh up a fund’s performance and the fees you’ll pay, factors such as risk, investment returns and the quality of service.

There are a few other things you might like to consider before changing super fund. For example:

Employer: Check with your employer to see if you’d lose out in any way by changing super fund.
Insurance: Check how much and what type of insurance cover is provided by your current super fund, and what insurance you’d get with a different provider.
Super fund: Check if you’re able to transfer your super to another provider. Some funds and accounts have rules that may prevent you from transferring your money.

Find out if you’re in an accumulation or defined benefits fund. Moneysmart says some funds can be generous so if you are in a defined benefit fund, you may like to get professional advice as once you leave, you may not be able to rejoin.

You should also consider any Product Disclosure Statement (PDS), Target Market Determination (TMD) or other relevant documents when considering any new super fund.

How to transfer super funds?

If you can switch super funds, and decide you want to move to a new provider, then here’s what you need to do.

Step one: Choose a new super fund

When choosing a new super provider, you need to look at all the options to make sure it’s one that suits your needs.

Be careful to check things such as the fund’s performance over time, what fees it may charge and the level of service and support on offer to members. Remember too that past performance doesn’t guarantee future performance.

Step two: Notify your employer

You need to tell your employer about your new fund to make sure its contributions go into your new account. The Australian Taxation Office (ATO) has a superannuation standard choice form that must be completed by both you and your employer.

Optional step three: Consolidate your super funds

If you have several super funds and would like to consolidate them into one, then you need to move your existing funds to your new super account.

There are three ways this can be done:

Use the myGov online portal. To do this, you’ll need to sign in to (or create) an account. Once signed in, if you’ve not already done so, link the ATO’s 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.
Ask your new super fund to consolidate the other funds for you.
Use the ATO’s rollover or transfer of super benefits services. There is an online option or you can download and print paper versions of the forms you need.

“However, some people choose to hold more than one super account to boost their insurance coverage or diversify their investments across funds,” Dr Fahy said. “There’s no one-size-fits-all solution when it comes to super. ASFA recommends talking to your super fund about what’s right for your individual needs.”

You should also consider seeking some professional independent financial advice to help you make a decision.

The ATO says to look at the potential loss of any benefits from leaving your existing fund(s).

You can also check with the Australian Prudential Regulation Authority (APRA) to see if your existing super fund, or any of the ones you are considering, are listed as underperforming.

Past performance is an important consideration because it gives an indication of what a fund has been capable of delivering through varied market conditions. But investments can go up and down, so as we said earlier, past performance is not necessarily indicative of future performance.

Compare super funds

Compare Superannuation with Canstar

The table below displays some of the superannuation funds currently available on Canstar’s database for Australians aged 30 to 39 with a super balance of up to $55,000. The results shown are sorted by Star Rating (highest to lowest) and then by 5 year return (highest to lowest). Performance figures shown reflect net investment performance, i.e. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. To learn more about performance information, click here. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s superannuation comparison selector to view a wider range of super funds. Canstar may earn a fee for referrals.

promoted

Australian Retirement Trust Lifecycle Investment - High Growth

$487

10.7%

11.5%

More details

Online rollover

Online application

More details

promoted

Mercer Superannuation SmartSuper SmartPath - Born 1984 to 1988

$391

11.6%

10.2%

Link Not Supplied

Online rollover

Online application

Link Not Supplied

promoted

Aware Super High Growth (Lifecycle investment)

$457

11%

10.1%

More details

Online rollover

Online application

More details

promoted

Hostplus Super Personal - Balanced

$667

9.2%

10.1%

Link Not Supplied

Online rollover

Online application

Link Not Supplied

promoted

AMP Super AMP MySuper 1980s

$484

11.9%

9.7%

More details

Online rollover

Online application

More details

Performance, fee and other information displayed in the table has been updated from time to time since the rating date and may not reflect the products as rated.
The performance and fee information shown in the table is for the investment option used by Canstar in rating of the superannuation product.
Performance information shown is for the historical periods up to 31/05/2024 and investment options noted in the table information.
Performance figures shown reflect net investment performance, i.e. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. To learn more about performance information, click here.
Performance data may not be available for some products. This is indicated in the tables by a note referring the user to the product provider, or by no performance information being shown.
Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise.
Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. See our Detailed Disclosure.
Not all superannuation funds in the market are listed, and the list above may not include all features relevant to you. Canstar is not providing a recommendation for your individual circumstances.
Canstar may earn a fee for referrals from its website tables, and from Sponsorship or Promotion of certain products. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers, website position, and revenue model. Sponsorship or Promotion fees may be higher than referral fees. Sponsored or Promotion products are clearly disclosed as such on website pages. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product’s rating, price or other attributes. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. For more information please see How We Get Paid.
Click here for additional important notes and liability disclaimer.

Performance and Investment Allocation Differences

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.
Some providers use different age groups for their investment profiles which may result in you being offered or being eligible for a different product to what is displayed in the table. See here for more details.
Australian Retirement Trust Super Savings’ allocation of funds for investors aged 55-99 differ from Canstar’s methodology – see details here.
The Australian Retirement Trust Super Savings (formerly Sunsuper for Life) product may appear in the table multiple times. While you will not be offered any single investment option, this is to take into account the different combinations of investment options Australian Retirement Trust may apply to your account based on your age. For more detail in relation to the Australian Retirement Trust (formerly SunSuper for Life) product please refer to the PDS issued by Australian Retirement Trust for this product.
Investment profiles applied initially may change over time in line with an investor’s age. See the provider’s Product Disclosure Statement and TMD and in particular applicable age groups for more information about how providers determine their investment profiles.

Cover image source: Jelena Zelen/Shutterstock.com

This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.

Alasdair Duncan

Content Editor

Alasdair Duncan is Canstar's Content Editor, specialising in home loans, property and lifestyle topics. He has written more than 500 articles for Canstar and his work is widely referenced by other publishers and media outlets, including Yahoo Finance, The New Daily, The Motley Fool and Sky News. He has featured as a guest author for property website homely.com.au.

In his more than 15 years working in the media, Alasdair has written for a broad range of publications. Before joining Canstar, he was a News Editor at Pedestrian.TV, part of Australia’s leading youth media group. His work has also appeared on ABC News, Junkee, Rolling Stone, Kotaku, the Sydney Star Observer and The Brag. He has a Bachelor of Laws (Honours) and a Bachelor of Arts with a major in Journalism from the University of Queensland.

When he is not writing about finance for Canstar, Alasdair can probably be found at the beach with his two dogs or listening to podcasts about pop music. You can follow Alasdair on LinkedIn.