Super
06 December, 2021

Combine super and save

Like thongs and summer, super works better when together.

If you’ve ever had more than one job, there’s a chance you’ve got more than one super account. While having more than one account is okay, it can prevent you from getting the most out of your super.

Here are three reasons why combining your super into one account makes super sense.

1. It’s easier to keep track of your super

Super isn’t something we think about every day, so it can be easy to lose track of your super.

The ATO estimates there’s $13.9 billion in lost and ATO-held super in Australia1. Most of this is from people changing jobs and losing contact with their super funds.

Having your super in one place makes keeping track of your super much easier and reduces the chance of your super becoming ’lost’.

Combining your accounts makes managing your super simpler too.

For every account you have, you’ll need to make decisions about investments, insurance, and beneficiaries. You also need a set of login details to access your account online.

Having a single account will save time and hassle and can help you engage with your super, as you can manage it all in one place.

2. You can save on fees

Having multiple super accounts means paying multiple sets of super fees. Over time these fees add up and can have a serious impact on your overall super balance. This is especially true early in your career when your super balance is smaller.

Most super funds also offer default insurance cover, such as death or permanent disablement cover. Each month you pay an insurance fee (or premium) for this cover.

If you have multiple super accounts, you may be paying for duplicate cover you don’t want, don’t need, or is no longer appropriate for your situation.

So, like thongs and summer, super works better when together.

By combining your super, you can reduce the amount of fees you pay, eliminate unnecessary cover, and plug the holes where your super has sprung a leak.

3. Combining super is quick and easy

A few years ago, combining super accounts was a real hassle. There were multiple forms to fill out, and you had to know where your super was before you could transfer it.

Now you can find and combine your super online in minutes.

To combine your super into your Spirit Super account, log in to Member Online and use the Find and combine tool under the Contributions tab.

The Find and combine tool helps you find all your super accounts as well as any lost or ATO-held super you have. You can then choose which accounts you want to roll into Spirit Super. It’s easy and only takes a few minutes.

You can also find and combine your super accounts through your MyGov account.

So, there’s no excuse to delay.

1 Lost and ATO-held data as at 30 June 2020. https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/super-accounts-data/lost-and-unclaimed-super-by-postcode/, accessed 23 November 2021.


Things to consider before combining

Combining super makes things easy and can save you money, but there are things to consider before proceeding.

Performance - fees and performance will differ from fund to fund. Make sure you're combining into a fund that provides great value.

Insurance - combining super may close your old super accounts and cancel any insurance attached to them. So, make sure you're not giving up any cover you need before combining.

Tax - think about if you want to claim a tax deduction or split contributions. You won't be able to do this on any contributions you transfer into your chosen fund.

Investments - if combining into your Spirit Super account, all transferred money will be invested in your current chosen future transaction investment strategy.