Why Magesh combined multiple super accounts to save

21 July 2023

Starting a family made Magesh realise how important it is to be in a top-performing super fund that puts members first. When he discovered he had multiple accounts and was paying fees on all of them, he decided to roll his super into one fund with AustralianSuper.

Having multiple super funds means you could be paying multiple fees, as AustralianSuper member Magesh discovered. To solve this problem, he decided to consolidate his super funds, moving all his accounts to AustralianSuper.

Not all super funds are created equal. A fund’s overall performance can be measured by looking at net benefit. This is the investment returns minus administration and investment fees, and costs and taxes.

We spoke to Magesh in 2020. Watch his story now:


Rolling over super – Magesh’s story

When Magesh had children he rethought his super, and the importance it had to his future. This led him to see the importance of being with one fund. 

Rolling over super – Magesh’s story

‘The steps I took to improve my super balance was getting all those other super funds and rolling them over to AustralianSuper. It was quite an easy process... AustralianSuper took care of the rest.’

Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover. We recommend you consider seeking financial advice.

Multiple super accounts

Having multiple accounts is a common issue. In fact, as at 30 June 2022, around 3 million Australians held two or more super accounts1.

If you have several accounts and want to rollover your super, you can do as Magesh did. Contact AustralianSuper and we’ll take care of the rest.




3 things to look out for when comparing super funds

If you’re thinking of rolling over your super into one account and are comparing funds, there are a few things to keep an eye out for to make sure you’re comparing apples with apples.

1. Fees

Your fund will charge you fees to manage and invest your money. The amount of fees you’re charged depends on a couple of factors. These include your investment option and the type of fund you’re with, such as an industry or a retail fund. Industry super funds, such as AustralianSuper, are run for members’ benefit. Retail funds often charge much higher fees as they have a responsibility to their shareholders and a focus on profit.

The amount of fees you pay over the course of your working life can add up. This can have a significant impact on your overall super balance come retirement.

2. Long-term performance

When you’re looking at different super funds, it can be important to compare long-term performance. After all, super is a long-term investment. So be sure to check not just how the fund is performing over the short term, but whether it has a good track record over the long-term. 


3. Net benefit

Net benefit is what you get when you calculate investment performance, minus the fees, costs and taxes charged by your fund. It’s essentially a truer reflection on how your super is performing, meaning, the higher the net benefit, the more your balance grows.


‘Even though it doesn’t seem like much at the time, over a career or 40 years it’s knowing with the right fund, you could be hundreds of thousands better off when you retire.’

Speak to a financial adviser 

Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover. We recommend you consider seeking financial advice . 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.

A financial adviser can help give you advice on how consolidating super might impact things such as insurance you might have.




1. Trend towards single accounts | Australian Taxation Office (ato.gov.au)

The views expressed are those of the member based on their particular circumstances, reproduced with their continuing consent 

This may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/PDS or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/TMD. AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.

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