The benefits of consolidating your super
Things to consider before consolidating your super
Do your homework – to ensure that you’re consolidating your super into a fund that meets your performance and fee expectations, we recommend you assess the reputation and historical performance of a prospective new fund, as well as review its fees before leaving your existing fund.
Check your super fund type – there are two general types of superannuation funds – accumulation or defined benefit funds. Seek advice before leaving a defined benefit fund as you could risk losing some inbuilt advantages (such as a guaranteed income) that may not be available with an accumulation fund.
Don’t forget your insurance cover – you may have death, income protection or total and permanent disablement (TPD) insurance tied to your existing super account. If you change funds, you may not have access to the same cover, especially if you have pre-existing medical conditions.
Verify your employer contributions – changing funds may affect how much super your employer contributes as some employers may pay more to one fund than another.
Consider tax implications – there may be tax implications when you consolidate your super. For example, if you want to claim a tax deduction for super contributions, you should lodge a notice of intent to claim a tax deduction with your original fund before moving money into another fund.
Consolidating your super in three easy steps
If you are a member and have an open account, consolidating your super into one Mercer Super Trust account is simple. Just follow these three steps.
1. Go to the 'Find my Super' page on Member Online (please note, you'll be asked to log in first once you click the link).
2. If you have not used this feature of your account before, you will need to authenticate your identity online by providing the details of two forms of identification from the below list:
Australian driving licence
Foreign passport (linked to an Australian visa)
Centrelink concessional card
3. We will be able to find any super you may have, including lost super, and consolidate it across to your Mercer Super Trust account.
If you’re not a member of the Mercer Super Trust, you can sign up and once your account is active you can search for any other super accounts and consolidate in minutes.
Prior to consolidating we recommend you seek financial advice. Our Helpline Advice team can provide financial advice about your super fund at no additional cost. You can make an appointment with this team by calling our Helpline on 1800 682 525 between 8am-7pm (AEST/AEDT), Monday-Friday.
Disclaimer: This content has been prepared and sent on behalf of Mercer Superannuation (Australia) Limited (‘Mercer Super’), ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of the Mercer Super Trust ABN 19 905 422 981. Any advice contained in this content is of a general nature only, and does not take into account the personal needs and circumstances of any particular individual. Prior to acting on any information contained in this content, you need to take into account your own financial circumstances. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide, and Financial Services Guide before making a decision about the product, or seek professional advice from a licensed, or appropriately authorised financial adviser if you are unsure of what action to take. 'MERCER' is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917. Copyright 2022 Mercer LLC. All rights reserved.