Why Magesh combined multiple super accounts to save

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 is 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 – a number which takes into account the fees you pay, the investment performance. Before you consider consolidating your accounts, watch Magesh’s story and understand the basics.

See how he rolled over his super quickly and easily with AustralianSuper.


Explore Magesh’s story

Magesh rolled all his super funds into one account with AustralianSuper for several reasons, including:

  • the Fund has a record of strong long-term performance.
  • combing his super it helped him save on multiple fees.
  • AustralianSuper puts members first.

Watch his story now.

Rolling over super funds – 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 funds – 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 I just needed the number of the account and AustralianSuper took care of the rest.’

Take your super with you when you change jobs

Over the course of your working life, it’s likely you’ll change jobs more than a few times. This can be a good thing – starting a new job is exciting and challenging. However, every time you change jobs, you need to tell your new employer where you’d like your super paid into.

Otherwise, they may select their default fund, which can lead to you having multiple super accounts.

One account can help you keep track and boost your returns

There are several benefits to having one account. For example:

Lost super 

Having multiple accounts is a common issue. In fact, as of November 2019, Australians had amassed a whopping $20.8 billion in lost and unclaimed super1.

So, if you’re changing jobs, remember, you can usually take your super with you. Just give your new employer your AustralianSuper account details. It’s that easy. If you have several accounts and want to rollover your super, you can do as Magesh did and simply give AustralianSuper your account numbers and we’ll take care of the rest.*

*Before combining your super, ask your other super provider about any fees or charges that may apply, and other information about the effect this transfer may have on your benefits, such as insurance cover.




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 now, but whether it has a good track record. 


3. Net benefit

Net benefit is what you get when you calculate investment performance, minus the fees 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 changing super funds, consider if you need to seek professional financial advice. An adviser can help give you advice on how a potential switch might impact things such as insurance you might have. 




1. ATO – The race is on to find $20.8 billion in super

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.


Ready to join?

Joining online will take you less than 15 minutes.

Join now
Back to top