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
→ Learn more: How to choose a super fund
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.
→ Form guide: How to let your employer know your super fund choice
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:
- 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.
- Ask your new super fund to consolidate the funds for you.
- 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).
→ Case study: Consolidating my super in under 10 minutes
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:
Super and COVID-19:
- Coronavirus: Can I withdraw my super early? How long will it take for it to be released?
- More than $10 billion withdrawn early: why it’s important to be familiar with your super
- Superannuation scams and tips on avoiding them during COVID-19
- The long-term cost of taking $20,000 out of your super fund