How to Avoid Multiple Super Accounts and Lost Super

If you've worked more than one job in Australia, you might have accidentally built up two, three, or more super accounts without realising it. Each employer sets up a new account unless you give them your existing super account number. Multiple super accounts mean lost money sitting in different places, eating into your balance through fees, and making it harder to see what you've actually saved. This guide explains how to track down your accounts and consolidate them the right way.

This is general information only, not financial or tax advice. Afrovo is not a licensed financial adviser. Check with the ATO or a financial counsellor for your specific situation.

Why Multiple Super Accounts Happen

When you start a new job in Australia, your employer is legally required to pay 12% superannuation into a super fund on your behalf. But here's the catch: unless you tell them your super account number, they'll open a brand new account in your name with a default fund.

It's that simple. Change jobs three times, forget to tell each employer your account details, and you've got three separate super pots. Each one charges administration fees, insurance fees and investment fees, even if the balance is small. Over time, those fees add up and eat into money that should be growing for you.

Step 1: Find All Your Super Accounts

Start by logging into your myGov account and linking it to the ATO. This is the most reliable way to see every super account linked to your Tax File Number.

Here's how:

1. 1.Go to myGov and sign in with your username and password.
2. 2.Click on "Linked services" and add the "Australian Taxation Office" if it is not already linked.
3. 3.Select the ATO from your services list.
4. 4.Click on "Super" or "Superannuation" to see all active accounts registered to your TFN.
5. 5.You'll see the name of each fund, the fund type and the account balance.

If you do not have a myGov account yet, you'll need to set one up first (this is free). Visit mygov.gov.au and follow the registration steps.

Once you have your list, write down the name of each fund and your account balance in each one. This is the foundation of your consolidation plan.

Step 2: Check the Fees in Each Account

Different super funds charge different fees, and this matters when you're deciding which accounts to keep and which to close.

You can find fee information in two ways.

First, log into each super account directly (the fund will have sent you login details, or you can request them). Look for the section called "Account balance", "My account" or "Transactions". You should be able to see the fees charged in the past 12 months, usually listed as "administration fee", "insurance fee" or "investment fee".

Second, go to ASIC MoneySmart's super fund comparison tool. You can search by fund name and see a summary of typical fees.

Write down the annual fees for each account. If one fund charges $2 per month in administration fees and another charges $15 per quarter, these differences compound over years.

Step 3: Decide Which Account to Keep

Now you need to pick which account will be your "main" super account. This is the one your employers will pay into going forward, and the one you'll consolidate the others into.

Choose based on:

• •Lowest total fees: Add up administration, insurance and investment fees. The cheapest is usually the best for a student.
• •A fund you recognise or trust: If one fund is backed by your industry body or a union, that might feel safer.
• •Employer default fund: If your current employer has chosen a fund for you, it might be easiest to keep that one and consolidate others into it.

Write down the name and account number of your chosen main account. You'll need this soon.

Step 4: Start Consolidating Your Other Accounts

Once you've picked your main account, you'll consolidate (merge) the others into it.

Contact each of the super funds you want to close. You can usually do this online, by phone or in person. Here's the process:

1. 1.Locate the contact details for the fund. Search the fund name online or check your latest statement.
2. 2.Tell them you want to consolidate your account into another fund (your chosen main account).
3. 3.Provide the name and account number of your main super account, and your TFN.
4. 4.Ask if there are any exit fees or early withdrawal penalties (there usually are not for consolidation, but ask anyway).
5. 5.Sign any forms they send you. Most funds now let you do this online.
6. 6.The fund will transfer your balance to your main account. This usually takes 5-10 business days.

Repeat this for each account you want to close, one at a time. Do not try to close multiple accounts on the same day, as the paperwork can get confusing.

Step 5: Tell Your New Employers Your Super Account Number

This is the step that stops the problem happening again.

When you start a new job, your employer will give you a form asking for your super details. Write down your main account number clearly. If you forget, your employer will create a new account, and you'll be back where you started.

If this happens, do not panic. You can still consolidate it later. But it is easier to get it right the first time.

Keep your super account number saved somewhere safe, like a notes app on your phone or a document on your computer. You'll use it every time you change jobs.

Watch Out for Scams and Dodgy Offers

When you're consolidating super, be very careful. Scammers sometimes target people with multiple accounts, offering to "recover lost super" or "consolidate for a fee".

Remember:

• •Your super provider will never ask you to pay to consolidate accounts.
• •The ATO never asks for payment to help you find lost super.
• •If someone contacts you claiming they can unlock "unclaimed" super for a upfront fee, it is almost certainly a scam.

If you think you've been scammed, report it to Scamwatch or call 1300 795 995.

What About Lost Super from Years Ago?

If you worked in Australia years ago and lost touch with a super account, there is a free way to find it.

The ATO runs the "Lost Super Find" service. You can search for unclaimed super linked to your TFN using myGov. If the balance has been unclaimed for a long time, it may have gone into the ATO's "Unclaimed Money" scheme, and you can claim it back.

Visit ato.gov.au and search for "lost super" or "unclaimed money". All of this is completely free. No one should ever charge you to help you find lost super.

Frequently Asked Questions

Q: Will consolidating my super accounts hurt my balance?

A: No. Consolidating simply moves your money from one account to another. Your balance stays the same (minus any exit fees from the old fund, which are rare). You might actually gain money by moving to a fund with lower fees.

Q: How long does consolidation take?

A: Usually 5-10 business days. Some funds are slower. Ask the fund for a timeframe when you start the process.

Q: Can I consolidate while I'm still studying?

A: Yes, absolutely. You can consolidate super accounts at any time, even if you're under 18 (though this is rare for students). Your super sits in your account until you retire or reach a preservation age set by law.

Q: What if I have super in multiple funds on purpose (for different reasons)?

A: This is very uncommon for students, but if you want to keep multiple accounts for a specific reason, you can. Just be aware you'll pay fees on each account, which will eat into your balance over time. Most financial guides recommend consolidating to one good fund.

Q: Will I lose super if I leave Australia?

A: Not immediately. Your super stays in your account. But when you permanently leave Australia, you can apply to the ATO to withdraw your super. Visit ato.gov.au and search for "departing Australia" or "Temporary Resident Super Withdrawal Scheme" to see if you qualify.

Summary

Multiple super accounts are easy to accidentally create but straightforward to fix. Check myGov to find all your accounts, pick the cheapest or simplest one to keep, and consolidate the rest into it. Once you've done it, remember to give your super account number to every new employer, and you will not end up back in the same situation.

The sooner you consolidate, the sooner your money can grow in one place without being nibbled away by multiple sets of fees. For more money and student finance tips, visit the Afrovo student finance hub. If you have questions about your specific super situation, contact the ATO directly at ato.gov.au.