Keeping all your super in one place is a smart move. In this article, we’ll look at the case to consolidate.

Why you should consolidate your super

Around 40% of us have more than one super account1 – this is usually a result of starting a new job. In fact, Aussies hold at least $14 billion in ‘lost’ super accounts - money they’ve probably forgotten about. It’s an astonishing amount – the GDP of Malta or Mongolia. Around $600 for every man, woman and child in the country.1

There are a number of advantages to combining your super savings into a single account. It will make it easier to keep track of your money, cut down on paperwork, maximise your super savings and potentially reduce the amount of account fees you have to pay.2


You can roll your super into a single account electronically or via paper form, the old school way. And because we like to make things easy, MLC, our superannuation specialists, will even help you set up an account and find any lost super hiding out there.

Before you make the decision to consolidate, it’s important that you:

  • confirm that your new fund will offer you (and you can obtain) appropriate insurance cover3 to replace any cover you may lose if you change funds
  • check to see if there are any termination or exit fees from your current fund
  • compare the total fees with your existing funds
  • ensure you lodge your ‘Notice of intent’ with the Trustee and an acknowledgement is received (if you intend to claim a tax deduction for personal contribution/s made to the current fund)
  • consider the impact on the tax and preservation components of each of your existing funds
  • check with your employer that they’re able to contribute to your chosen fund.


You can consolidate your super with us at any time online. Simply choose one of the options below and we’ll get started. Not an MLC member? Take a moment to explore these easy steps you can take to join one of Australia's largest retail superannuation providers.

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Important information

The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

1 Choice 2016, found at:

2 When you transfer all or part of your super, your entitlements under the other fund(s) may cease. You need to consider all relevant information before you make a decision to transfer your superannuation, such as administration, exit, buy/sell spreads or withdrawal fees that may apply in respect of the existing fund(s). Similarly you should consider insurance entitlements which may cease when you consolidate your super. You should also consider your contribution caps and the impact on the tax and preservation components of each of your superannuation interests before consolidating (you should ask your fund(s) for information) and seek advice where required. ASIC Money Smart 2015, found at:

3 Appropriate insurance can include level and types of cover as well as policy terms.

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