How to consolidate your super — and when it's worth it

Millions of Australians hold more than one super account — often without realising it. Every extra account usually means an extra set of fees and, frequently, duplicate insurance you're quietly paying for. Consolidating your super — combining your accounts into one — can simplify your finances and reduce what you're losing to fees. But it's not always the right move, and there are things to check first.

Why consolidation can help

• One set of fees instead of several eating into your balance.
• No duplicate insurance premiums across multiple accounts.
• Easier to manage — one balance, one statement, one login.

What to check before you combine funds

Consolidating is usually straightforward, but a few things are worth reviewing so you don't lose something valuable:

• Insurance inside super. Closing an account cancels the insurance attached to it. If you have cover you need — particularly if your health has changed since you took it out — check you can replace it before closing.
• Exit fees or tax implications. Some funds may have costs; understand these first.
• Employer contributions. Make sure future contributions are directed to the account you're keeping.

Is consolidating right for you?

For many people, consolidating reduces fees and simplifies their super. For others — especially those with valuable insurance inside an existing fund — it pays to get advice first. A complimentary super review can help you see whether combining your accounts makes sense for your situation, and which fund is worth keeping.