Why consider consolidating your super?

If you have several super accounts you may be paying multiple fees. Over time this may impact your overall super balance for when you need it in the future.

Important things to consider

Before you make a decision to consolidate your super there are a few things you should consider:

  • Insurance – If you choose to leave one of your super funds, any cover you have with them will end, including cover for any existing illness, injury or condition. Make sure the cover you have with your core super fund is sufficient as it would not be exactly the same as cover you have with your other funds.
  • Investments and fees – Compare the costs, risks and benefits of your other super fund against Essential Super. Take into account things like fees, costs for withdrawing from your other fund and any investment or tax implications.
  • Telling your employer – Decide which super fund you’d like your future employer contributions to go to and complete a Super Choice form if necessary.
  • Note: If any pension accounts, defined benefit funds or self-managed super funds (SMSF) appear in the search results, you should carefully consider if consolidating will have a negative impact on your financial situation. We recommend you seek advice before consolidating any of these funds.

For further information please read the Essential Super Product Disclosure Statement and Reference Guide.

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Through the CommBank app

  1. Log in
  2. Select your Essential Super account
  3. Tap 'Consolidate super' to see your results

Through NetBank

Things you should know:

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFS) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435 (Essential Super) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (Bank). This document may include general financial product advice but does not consider your individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) and Reference guide for Essential Super carefully and consider whether the information is appropriate for you before making any decision regarding this product. Download the PDS and Reference Guide, or call us on 13 4074 for a copy. The Bank and its subsidiaries do not guarantee the performance of Essential Super and an investment in this product is subject to risk, loss of income and capital invested. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries. Where we mention ‘we’, ‘us’ or ‘our’, we mean CFS.