Simplify your super

Assumptions are as follows:

• Retirement balances and fees are rounded to the nearest $100.
• Numbers are presented in today's dollars discounted by 3.5% p.a. (assumed AWOTE).
• Based on an Aware female member aged 45/50/55, earning $101,000 / $100,000 / $94,000 p.a. and planning to retire at age 67.
• Comparisons are based on having 100% of funds in either an external account, or in Aware Super
• Based on SG of 11.5% for 2024/25. This will increase to 12% on 1 July 2025 (where it will remain at 12%).
• Based on 2024/25 income tax rates.
• Investment returns are based on the Aware Super High Growth option, assumed to be CPI + 4%.
• CPI is assumed to be 2.5% p.a.
• Aware Super fees are based on Aware Super's High Growth option with an investment fee of 0.66% per annum and asset-based fee assumed to be 0.23% p.a., capped at a maximum of $1,500 p.a. and a fixed fee of $52 p.a.
• Industry average fees are based on Chant West Super Fund Fee Survey, September 2024: High Growth [81-95%]. Total fees include administration and investment fees & costs, & transaction costs. Fees differ for other investment options & account balances. These fees are calculated based on a linear progression between account balances of $100,000 (1.08%), $250,000 (1.00%), $500,000 (0.96%).
• No insurance premium is considered
• This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome. It is a broad illustration of the steps a member could take, but the actions appropriate for an individual will vary depending on their personal circumstances.
• The case study is based on current regulatory requirements and laws, including tax rates, which may be subject to change. Investment return assumptions are for illustrative purposes only and for simplicity assume an CPI plus investment objectives as the return each year throughout the investment period. Actual returns year on year may vary materially and could be negative. If investment returns/inflation are higher/lower, final balances will differ.

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

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 over many years.
• 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
   

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 and entitlements to your insurance cover 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.

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)