Merging multiple super accounts

Your ‘ongoing super account’ refers to the account that you keep after we merge your additional super account(s). Your letter will list the super accounts you have (or had) with us and identify what we have determined is your ongoing super account.

Once your super accounts are merged,

• your additional super account(s) will close and any insurance cover in those accounts will stop,
• your binding beneficiary nominations on those accounts will be cancelled, and
• your choice of investment options in those accounts will no longer apply.

The beneficiary nominations (binding or non-binding) on those accounts will be cancelled, and the investment options and future contribution strategy for your ongoing super account will stay the same, unless you choose to change them.

If any of your additional accounts had insurance cover, this cover will stop unless you combine the cover in your additional account(s) to the cover in your ongoing super account, before your super accounts are merged. For more information, see the FAQ below ‘What happens to my insurance cover when I merge my super accounts?’

We determined which super account would be your ongoing super account by considering these factors:

• if only one account has an Active status, that account will be the ongoing super account;
• if all accounts have Active status, then the account with Active insurance cover will be the ongoing super account;
• if all accounts have Active insurance cover, then the account with the most recent contribution will be the ongoing super account; 
• if no accounts have Active insurance cover, then the account with the most recent contribution will be the ongoing super account; and
• if both accounts are closed the super account that was last closed will be treated as the main super account.

There may be some exceptions, such as where a claim has been/is being made, or where account details differ.

An Active super account is one that is open and an Inactive super account is one that is closed.

Additional super accounts are any super accounts set up with AustralianSuper, that are not your ongoing super account.

Each circumstance is different and based on your personal situation.

If you’ve received a letter telling you that your super accounts have been merged and you’ve received a refund amount, your super accounts will have been merged in May 2023.

If you’ve received a letter requesting your consent to merge your super accounts, you will first need to complete the form enclosed with your letter and return it to us.

Once we receive your completed and signed consent form giving us permission to merge your super accounts, we will do so in September or October 2023. When your accounts are merged, you’ll receive a refund for the extra fees you paid up to the date of the merge, and you’ll also receive a confirmation letter.

If you keep any additional super account(s) and insurance cover open:

• you won’t receive the refund of administration fees, insurance fees (if any) and associated lost investment returns for your additional super account(s);
• you’ll continue to pay administration fees and insurance fees for the additional account(s) and insurance cover while your account(s) remain open, and your cover remains active; and
• where both your accounts have Income Protection, you may not be able to claim on both sets of Income Protection under the AustralianSuper insurance policy.

If you already have online access to your ongoing super account, your access will stay the same.

If you haven’t yet set up online access to your ongoing super account, please visit australiansuper.com/HowToRegister to register for online access. You’ll need the member number of your ongoing super account, which you’ll find in your letter.

When your additional super account(s) was created, we either:

• didn’t identify that you already had more than one super account with AustralianSuper at the same time, or
• when we did identify it, we didn’t take the correct action in relation to your additional super account(s).

We made an error and are paying you a refund when we merge your additional super account(s) to your ongoing super account. This refund amount covers the extra administration fees and insurance costs (if any) you paid in your additional super account(s) until it was merged or closed.

The refund amount also includes an amount to reflect the investment returns you would have earned on those amounts had we merged your super accounts as required by law.

In some instances, we need your consent before we can merge your super accounts and pay you a refund. For more details, please refer to the letter you’ve received.

By merging your super accounts, you would have only one super account and pay only one set of administration fees and insurance costs (if any).

Your refund amount includes:

• the flat administration fees you paid on your additional account(s) from the date your accounts should have been merged until your additional account(s) was merged or closed;
• any asset-based administration fees paid on your additional account(s) since 3 September 2022, until your additional account(s) was merged or closed;
• any insurance costs you paid on the additional insurance cover (if applicable), from when your additional super account(s) should have been merged with your ongoing super account, until the insurance cover ended; and
• lost investment returns on your refunded administration fees and any refunded insurance costs and, if the additional account(s) is closed, any foregone interest from the closed date onwards³, using the investment option(s) on your additional account(s).

This refund amount will appear as an Account Adjustment in the transaction history of your ongoing super account.

³ For former members, current Choice Income members with closed accumulation account(s) and beneficiaries of former Fund members, the refund amount showing in your letter will be allocated to a temporary account before it is either paid out in accordance with your instructions or, where relevant, transferred to the ATO. No administration fees will be charged on these temporary accounts and your refund amount will be invested in the Fund’s Cash investment option during this time. This means that any returns generated during this period will be based on the Cash investment option’s returns. 

If your super accounts have already been merged or the additional account(s) closed, we’ve paid the refund amount to your ongoing super account in May 2023 (effective 1 April 2023) and then sent you a letter.

If you still have additional super account(s) and possibly insurance cover, you’ll receive a letter with details about your current super accounts, and insurance cover (if any), and a consent form for you to complete and return within 60 days from the date of your letter.

Once we receive your written consent to merge your super accounts, your accounts will be merged in September or October 2023 and your refund paid to your ongoing super account then. If we don’t hear from you within 60 days of the date of your letter, we won’t make any changes to your super accounts and you won’t receive any refunds.

Should you opt to keep your super accounts open, you won’t receive any refund amount for any insurance cover you choose to keep.

Should you opt to combine your insurance cover, you’ll only receive a refund amount for the administration fees paid on your additional account(s) until it was merged or closed.

Your account balance from your closed account(s) will be rolled over to your ongoing super account. Your investment option(s) in your ongoing super account will remain the same unless you choose to change them.

When we merge your additional super account(s) to your ongoing super account, your ongoing super account will retain its investment options and future contribution strategy. This means that refunds and super balances transferred to your ongoing super account will be invested according to the future contribution strategy of your ongoing super account.

Your additional super account(s) will close, and all other investment and contribution strategies in your closed additional super account(s) will no longer apply.

You can change your investment options anytime online, by using the mobile app or logging into your account online and going to Super investments. You can also download and complete the Investment choice form (for super accounts) at australiansuper.com/forms or call us on 1300 300 273 from 8am to 8pm AEST/AEDT weekdays.

Yes. Your super will stay invested for most of the account merge process, except for the one day when the actual merging takes place.

Yes. Your refund amount will count towards your concessional contributions cap.

If you exceed your concessional contributions cap due to receiving the refund amount into your account you’ll receive a letter from the Australian Taxation Office (ATO) notifying you that you’ve exceeded your concessional contribution cap for the relevant income year (either the year ending 30 June 2023 or the year ending 30 June 2024, depending on when the refunded amount is paid into your account). This may result in you needing to pay additional tax.

If you receive such a letter from the ATO, you can apply to the ATO for discretionary relief so that the refunded amount does not count towards your concessional contributions cap. AustralianSuper has engaged with the ATO and informed the ATO of these circumstances.

You can check your concessional cap, by logging into your myGov account and going to the ATO section at my.gov.au

If you require further assistance, you can call us on our dedicated phone line 1800 204 194 from 8am to 6pm AEST/AEDT weekdays, or contact your financial adviser if you have one.

If you’ve changed employers since receiving your letter be sure to provide them with your ongoing super account number. We also recommend that you confirm the member number of your ongoing super account with your employer to make sure your employer contributions are going to the right super account.

Once we merge your super accounts, any future direct debit contributions which would have been invested into your closed account(s) will end and won’t be transferred into your ongoing super account. You will need to set up a new direct debit contribution to your ongoing super account.

Where binding beneficiary nomination(s) are exactly the same (in terms of order and percentage share) in more than one of your super accounts, this nomination will be retained in your ongoing super account when we merge your additional super account(s).

Any other beneficiary nominations (binding or non-binding) in your closed additional super account(s) will be cancelled when your super accounts are merged.

If you’d like to make your non-binding beneficiaries binding, you’ll need to download, complete and sign (including a witness signatory) the Binding death benefit nomination form at australiansuper.com/forms and return it to us.

You can amend, renew or cancel your nomination at any time, by downloading and completing the Binding beneficiary nomination form (for super accounts) or calling us on 1300 300 273 from 8am to 8pm AEST/AEDT weekdays.

For more information about your beneficiary options, visit australiansuper.com/beneficiary

If your super accounts have already been merged, your additional super account(s) is now closed and any cover in the additional super account(s) has stopped. The insurance costs you paid for the cover in your additional account(s) from when your accounts should have been merged have been refunded to your ongoing super account.

This refund does not impact any rights you may have to make a claim under that cover in relation to any illness or injury that occurred during the period for which you had that insurance cover. If you have any questions about the insurance cover that was held on your additional account(s), please call us on 1800 204 194 from 8am to 6pm AEST/AEDT weekdays and we’ll help you work out the next steps.

If your super accounts are not yet merged and you give consent to merge them by completing and returning the form enclosed with your letter, the insurance cover in your additional super account(s) will stop when your super accounts are merged. You won’t be able to combine insurance cover after your super accounts are merged.

If you want the insurance cover that you currently have on your additional super account(s) to continue, you need to combine the cover from your additional super account(s) with your ongoing super account before we merge your super accounts. Please complete the Combine your insurance cover section in the consent form enclosed with your letter and return it to us.

For more details, see FAQ below ‘Can I combine my cover in my additional super account(s) with the cover in my ongoing super account, before merging the super accounts?’.

You need to check your level of insurance cover before merging your super accounts. If you have insurance cover on more than one super account, your letter will provide details on the cover you have in your super accounts, so you can review them, and decide on next steps before you merge your super accounts.

You can cancel, change, or apply for more cover on your super account(s) anytime, by using the mobile app or logging in your account online. Before you make any changes, please read the insurance guide for your division at australiansuper.com/InsuranceGuide

You can also check your amount of cover is right for you, by using our online calculator at australiansuper.com/InsuranceCalculator

You can only combine your Death and/or Total and Permanent Disablement (TPD) cover, by completing the relevant sections in the consent form enclosed with your letter and returning it to us by email or post by the date specified in your letter.

If you decide to combine your Death and/or TPD cover, you:

• won’t receive the estimated refund of insurance costs and associated investment returns listed in your letter,
• will continue to pay insurance fees on your insurance cover; and
• your additional super account(s) will be closed.
• The cover from the additional super account(s) will be combined to the cover in your ongoing super account as fixed cover.

Important information about any Income Protection you may have:

• Any Income Protection in your additional super account(s) can’t be combined with the Income Protection cover you have in your ongoing super account.
• Any conditions in your Income Protection in your additional super account(s) that are more beneficial to you (better waiting period, benefit payment period and individual work rating) can be transferred and applied to the Income Protection in your ongoing super account.

The individual or Income Protection work rating for any active cover in your ongoing super account will be retained. To change your work rating, you would need to apply. To learn more about work ratings, please see the Insurance in your super guide for your division online at australiansuper.com/InsuranceGuide

If you keep any additional super account(s) and insurance cover open:

• you won’t receive the refund of administration fees, insurance fees (if any) and associated lost investment returns for your additional super account(s);
• you’ll continue to pay administration fees and insurance fees for the additional account(s) and insurance cover while your account(s) remain open, and your cover remains active; and
• where both your accounts have Income Protection, you may not be able to claim on both sets of Income Protection under the AustralianSuper insurance policy.

If you don’t have Death and/or TPD cover in any super account (before your super accounts are merged), you’ll only receive basic Death and/or TPD cover in your ongoing super account once you’re eligible. To find out when your cover starts read the Insurance in your super guide available at australiansuper.com/InsuranceGuide

If you’ve cancelled or opted out of Death and/or TPD cover in any account (before your accounts are merged), you won’t receive that cover type (unless you already had it in your ongoing super account). Basic cover won’t start if you’ve cancelled or opted out of it. If you wish to have Death or TPD cover that you’ve previously opted out of, you’ll need to apply and provide detailed health information for the Insurer³ to consider.

³AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450 AFSL 237848

Before making a decision, you should read the Insurance in your super guide for your division at australiansuper.com/InsuranceGuide. It details terms and conditions about insurance, including costs, your eligibility for cover, how much you can apply for, what you’re covered for, when it starts and stops, active employment, limited cover and exclusions, and your insurance options.

This depends on your personal situation, such as whether:

1. you have Income Protection in your closed account only,
2. you have Income Protection in your closed account with a benefit payment period up to five years or age 65 or a waiting period of 30 days,
3. you don’t have Income Protection in any account because it hasn’t started, or
4. you’ve cancelled or opted out of Income Protection in any account,

Scenario A: If you have Income Protection in your closed account only, your cover will be transferred to your ongoing super account. If you wish to keep the cover, the waiting period or the benefit payment period in your closed account, please call for assistance on 1800 204 194 from 8am to 6pm AEST/AEDT weekdays.

Scenario B: In your closed account, if you have Income Protection with a benefit payment period up to five years or age 65 or a waiting period of 30 days, you can’t transfer any cover or update the cover in your ongoing super account.

Scenario C: If you don’t have Income Protection in any account because it hasn’t started, you’ll only receive the basic Income Protection once you're eligible. To find out when your cover starts read the Insurance in your super guide available at australiansuper.com/InsuranceGuide

Scenario D: If you’ve cancelled or opted out of Income Protection in any account, you won't receive Income Protection (unless you already had it in your ongoing super account). Basic cover won’t start if you’ve cancelled or opted out of it. If you wish to have Income Protection, you'll need to apply and provide detailed health information for the Insurer³ to consider.

³AustralianSuper insurance is provided by TAL Life Limited (the Insurer) ABN 70 050 109 450 AFSL 237848

Before making a decision, you should read the Insurance in your super guide for your division at australiansuper.com/InsuranceGuide. It details terms and conditions about insurance, including costs, your eligibility for cover, how much you can apply for, what you’re covered for, when it starts and stops, active employment, limited cover and exclusions, and your insurance options.