Merging multiple super accounts

AustralianSuper regularly identifies and combines multiple AustralianSuper accounts held by a single member. We do this to help those members avoid paying extra fees associated with multiple accounts.

In a recent process review, we discovered:

  • we hadn’t identified some members (current and past) with multiple super accounts; and
  • where we did identify some members (current and past) with multiple accounts, we haven’t merged their accounts or notified them, as we should have.

We sincerely apologise for this error and for the inconvenience caused.

To fix this error we’re returning impacted members, as closely as possible, to the financial position they would be in now if this error hadn’t happened. This may include merging these super accounts and refunding members the extra administration fees and insurance costs (if any) they paid for the additional super account(s), along with lost investment returns on these amounts.

If you’re looking for information about transferring money from another super account into AustralianSuper, please visit our Consolidate Your Super page.

You received a letter because we made an error by not identifying earlier that you have/had more than one super account with AustralianSuper. Or, when we did identify it, we didn’t take the correct action regarding the additional super account(s).

As per our legal obligations, we should have either automatically merged your accounts, where we reasonably believed that was in your best interests or contacted you to ask what you would like to do with your additional account(s).

Your letter will:

  • list the super accounts you have (or had) with us,
  • identify which account (that we’ve determined) is your ongoing (main) super account, and
  • show any additional super account(s) and associated insurance cover you have (or had).

If your accounts are already merged and you’ve received a refund into your ongoing super account, your letter will state the refund amount you received. This refund amount covers the extra administration fees and insurance costs (if any) you paid in your additional super account(s) along with lost investment returns on these amounts.

If your accounts aren’t yet merged (because we don’t have enough information to decide to do so automatically), your letter will show an estimated refund amount that you’ll receive if you give consent to merge your super accounts. Your estimated refund amount includes the extra administration fees and insurance fees (if any) you paid in your additional super account(s) along with lost investment returns on these amounts.

Also enclosed, you’ll receive a form and reply-paid envelope with instructions on what you need to do and what will happen next, depending on whether you decide to merge your accounts or not. We’ll explain what you need to do if you wish to combine your insurance cover.


Frequently asked questions

We understand you may have questions about this process, so we’ve provided you with more information below.

We’re here to help, so if you still have questions, please call our dedicated phone line 1800 204 194 from 8am to 6pm AEST/AEDT weekdays.

FAQ topics

Your super accounts

Understanding your refund

Investments, account balance and contributions

Beneficiary nomination(s)

Your insurance cover

Your advice options

Benefit payments


Email

Send your completed form by email

Phone

Call our dedicated phone line

1800 204 194
8am – 6pm AEST/AEDT weekdays

Mail

Send your completed form by post to

AustralianSuper
GPO Box 1901,
Melbourne, VIC, 3001

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