If you've ever changed your name or job, you might have more than one super account. According to the Australian Taxation Office (ATO) as at 30 June 2022, around three million people had two or more super accounts.
Combine your super
Why combine your super? If you have multiple super accounts you could be paying fees and insurance premiums for each one. It can really add up.
Combining your super into one account means you have one balance that will grow over time and benefit from the snowball effect of compound interest, and might leave you with a bigger balance in retirement. Combining your super accounts is often called a ‘rollover’ of super.
Do it yourself using MYGOV
This is the quickest way to move your other super into your Mine Super account. Visit the MyGov website and follow the prompts to log in. Click through to the ATO section, where you can see details of all your super accounts under the ‘Super’ tab. You can then choose which accounts to combine.
Complete a rollover form
If you know what other super accounts you want to transfer into your Mine Super account, you can complete this rollover form and send it to us.
Before combining your super you should consider the differences in insurance between your old and new funds (including unique insurance offerings under your old funds) and if the insurance cover through your Mine Super account is appropriate for your situation. You should also consider if you’ll be charged any fees.
If you have any questions you can give us a call on 13 64 63. If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.