Find your lost super

Consolidating your super means combining multiple super accounts that you may have with different super funds together into one super account.
It can also mean searching for lost and unclaimed super that may be sitting with the Australian Taxation Office (ATO) and consolidating 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 to our Member Online portal or
• log into the app 
   

Alternatively, you can use a paper form.  

'Lost' super is money held by super funds with 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 money to the ATO. When this happens, it becomes 'unclaimed super' (ATO-held).

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

• log in to our Member Online portal or
• 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 over time could add up to thousands of dollars.
• One account is easier to manage and means less paper work
• Grow your retirement savings - one account with a larger balance means you can focus your investment strategy. There could also be benefits from market gains and compound growth that come from a longer time in market.
  
  Some people think it may be safer to spread investments across multiple funds, but this may not always be the case. Having multiple accounts means you could be paying multiple fees overtime, and this can reduce your super balance.
  
  Aware Super's default investment strategy called MySuper Lifecycle is personalised based on your age so your investment strategy changes over time, to help you retire with more. Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns. For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30-year period (for example, reduce it from $100,000 to $80,000).
   

Some potential disadvantages of consolidating super funds could be:

• Checking your insurance levels between funds. You may get more or less in insurance benefits compared to your previous funds. Or not being able to get insurance cover with the new fund.
• Most funds do not charge for exit fees, but check the fund you want to leave doesn’t charge administrative fees and exit or withdrawal fees
• You usually don’t pay tax when consolidating multiple super accounts into one unless it is a:
  • Super benefit paid directly to you before being paid into another fund

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.

Once you complete and submit your super transfer online (through the Aware Super Member Online portal or the Aware Super app) the request takes approximately three days for funds to move to your chosen super fund. It could take longer if a fund requires further information from you.

Once you’ve done this, we’ll contact your other super funds to transfer your money to us. It can then generally take approximately 3 working days for the funds to transfer.

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

Note that everyone’s situation is different, and time can vary depending on the circumstances and each super fund.

Remember, consolidating your funds will not change the super fund your employer pays your super contributions to. This is a separate process and more information can be found here.

Aware Super does not charge fees for using our online tool or the app.

Most super funds provide default death, total and permanent disability cover inside superannuation. 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.

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.
 

When consolidating your super we’ll need to:
 

1. Verify your identity - we must confirm your identity before you can find and combine your super. While our requirements may seem strict, they’re necessary to protect your identity and keep your super money safe. To confirm your identity, we’ll need to complete a quick identification check.
2. Provide a TFN – We’ll need your Tax File Number (TFN) to use the ATO SuperMatch service to search for any superannuation amounts held on your behalf by other super funds or the ATO.

If you are a member of a self-managed super fund (SMSF), and you’d like to consolidate your super into your Aware account, your SMSF account information will be displayed in our online tool if it:
 

• 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).