Should You Consolidate Your Super?

Many Australians accumulate multiple super funds over their working life. Consolidating super can save fees, simplify management, and potentially boost long-term growth. But consolidation must be done carefully—especially if insurance or employer fund rules are involved.

Benefits Of Consolidating Your Super

·       Lower fees: Multiple accounts mean multiple admin and investment fees

·       Simplified tracking: Easier to manage one balance, one investment mix, one insurance policy

·       Growth opportunities: Larger balances offer the opportunity to compound more effectively

·       Reduced risk of lost super: Fewer inactive or old accounts

When Consolidation Makes Sense?

·       When all accounts are standard accumulation funds 

·       When insurance inside older funds isn’t needed 

·       When fees are much higher in one fund 

·       When you want a single investment strategy

When Not to Consolidate?

  ·       If you’re in a defined benefit fund (e.g. PSS, CSS, Military schemes) 

·       If you have valuable insurance in an existing fund 

·       If closing an account will cause loss of grandfathered benefits

How to Consolidate Safely

1. Review insurance held inside each fund 
2. Compare admin and investment fees 
3. Check investment options 
4. Confirm your employer fund compatibility 
5. Use MyGov ATO “Consolidate Super” carefully 

Consolidation can create meaningful long‑term savings but check insurance and fund type first.

At Access Wealth Group, we help Canberran’s utlise superannuation consolidation effectively.  Talk to us about optimising your Canberra retirement planning.

This article is of a general nature only and does not take into account your individual financial circumstances, objectives, or needs. It does not constitute personal financial advice. You should not act on any of the information provided without first seeking professional financial advice that considers your personal situation.

Access Wealth Group, Suite 2, Chisholm Shopping Village, 74 Halley Street, Chisholm ACT 2905                                               Phone: 0410 443 742 | Email: brendan@accesswealthgroup.com.au