Find your lost super

Consolidating your super means combining multiple super accounts that you may have with different super funds into one super account.

It can also mean searching for lost and unclaimed super with the Australian Taxation Office (ATO) and moving any amount found into the super fund of your choice.

You may hear other terms used such as ‘combining your super’, ‘transfer in your super’ or ‘rolling over’ your super.

You can consolidate your super into your Aware Super account by using our online tool:
 

• Log in or register for our Member Online portal
• Log into the app

Lost super is money held by super funds or the ATO where the member is either:

• Uncontactable – E.g. you've changed your name, address or job, your super fund loses contact with you, and your account hasn’t received a contribution or rollover for 12 months
• Inactive – where a contribution or rollover has not been received in 5 years

In some circumstances, your super fund may be required to transfer your super to the ATO. When this happens, it’s known as unclaimed super.

The good news is, you can search for lost or unclaimed super and consolidate it into your Aware Super account by using our online tool:

• Log in or register for our Member Online portal
• Log into the app

If you don't have the app, download it from the Apple Store or Google Play.

There are lots of benefits to consolidating superannuation, like:

• You could save money on fees. Having multiple accounts can mean paying multiple fees which could add up to thousands of dollars
• One account is easier to manage and means less paperwork
• It can help grow your retirement savings – one account with a larger balance means you can focus your investment strategy
• Having multiple accounts means you could be paying multiple fees, and this can reduce your super balance

Some things to consider when consolidating super funds could be:

• A change in your insurance cover. You should check your insurance levels between funds before consolidating. You may get more or less in insurance benefits compared to previous funds, or unable to get insurance cover with a new fund

Check whether your employer is currently subsidising the cost of your insurance cover provided by your other fund, and consider what this may cost overall if you left this fund

If you decide that you would like to consolidate into Aware Super, the good news is, if you have insurance with another super fund, you can apply to transfer it to Aware Super before you combine your super. It’s also a great time to make sure your insurance still suits your current situation. Find out more
 

• Also check all the other features and benefits of your other fund and read the Privacy Disclosure Disclaimer (PDS) and TMD carefully of the fund where you want to consolidate your super to make sure this is the right decision for you.
• Exit fees – most funds don’t charge exit fees, but with the fund you want to leave, check to see if charges administrative fees, and exit or withdrawal fees
• Tax implications – You usually don’t pay tax when consolidating multiple super accounts into one, unless it’s a super benefit paid directly to you before being paid into another fund
• Impacts on changing investments – it may not be the best time to change from one investment option to another and you may want to seek financial advice.

Start by submitting your super transfer online (through the Aware Super Member Online portal or the Aware Super app). Once you’ve done this, we’ll contact your other super funds to transfer your money to your Aware Super account. It can then take approximately 3 working days for the funds to transfer. It might take longer if a fund needs further information from you.

We’ll let you know when it’s in your Aware Super account. You can also log into you Member Online account to keep track of your super and see any new transfers.

Remember, consolidating your super doesn’t change where your employer pays your super. This is a separate process: Tell your employer.

Most super funds provide default death, total and permanent disability cover with super. Some funds offer income protection cover as well.

Before you combine your super, check which policies you have with each account. You might be paying for insurance you don’t need, or you might lose cover you want, or some other financial benefit such as employer subsidised insurance premiums.

If you decide that you want to consolidate your super with Aware Super, the good news is, if you have insurance with another super fund, you can apply to transfer it to Aware Super before you combine your super. It’s also a great time to make sure your insurance still suits your current situation. Find out more on how to Transfer your insurance.

When consolidating your super, you need to:
 

1. Verify your identity – You need to confirm your identity before you can find and combine your super. This helps to protect your identity and keep your super safe. To confirm your identity, we’ll need to complete a quick identification check.
2. Provide a TFN – To search for any super held for you by other funds, you’ll need your Tax File Number (TFN) to use the ATO’s SuperMatch tool.

If you have a self-managed super fund (SMSF) and you’d like to consolidate your super into your Aware Super account, you can do this if your SMSF account information:
 

• Has a compliance status of ‘Complying' or ‘Registered’
• Is up-to-date with the SMSF annual return (SAR) it lodges with the ATO
• Has reported a valid Australian business number (ABN) and reported it correctly on the most recent SAR
• Has correctly added your membership through the Australian Business Register (ABR)