Fewer accounts could mean fewer super fees
If you’ve ever changed your name, address or job, chances are you may have more than one superannuation account. Having more than one account can mean more than one set of fees.
By consolidating your super, you put all of it in one place and with one super fund. That means only a single set of fees, plus easier account management.
How to consolidate your super
If you have other super accounts, you can consolidate your super into your AustralianSuper account quickly and easily online*. You'll need to have your other fund's details ready.
Before you consolidate
Before you consolidate, get the full picture. Ask your super provider for information about any fees or charges that may apply, or any other information about the effect this transfer may have on your benefits, such as insurance cover, before making a decision. If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund, before you consolidate your super into another fund.
Compare the Difference
Super balance: $150,000
Super balance: $150,000
|Super account||Balance||Fees||Super account||Balance||Fees|
|#1 AustralianSuper account||$50,000||$473||#1 AustralianSuper account||$150,000||$1,143|
|#2 Average super account
|#3 Average retail super account||$50,000||$552|
By paying fees on three accounts, Grace pays more each year. Extra fees mean she has less to reinvest in super so can’t save as quickly as Cheryl.
By consolidating accounts, Cheryl only pays one fee. The money she saves is reinvested to grow her super balance faster.
Source: Fees and costs data based on Chant West Fees data. Fees are based on publicly available information and discussions with each provider as at 31 December 2021. All fees are gross of income tax and include non-recoverable GST. Investment fees include the estimated performance fees and the investment component of the indirect cost ratio. Fees may be grossed up from those shown in the relevant product disclosure statement to reflect the fact that some products do not pass on the benefit of tax deductions for those fees to members. See australiansuper.com/fees for full details of all fees and costs.
The AustralianSuper fee is the administration fee for super (accumulation) accounts and the investment fee for the Balanced option for FY 2020/21. The Investment fee is likely to change from year to year and is different for each investment option. Insurance premiums and other fees and costs may apply. See australiansuper.com/fees for full details of all fees and costs.
Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
This example is provided for illustration purposes only and isn’t a representation of the actual benefits that may be received or the fees and costs that may be incurred.