Five Benefits of Combining Your Super

If you have ever changed your job, your name or your address, there’s a good chance that you have more than one super account!

For people who have more than one super account, this could mean lost savings on account fees, unnecessary complexity in personal finances and a lack of clarity in what they actually have saved for retirement.

We’ve put together the following five key benefits of combining your super into one account.


 1. Save more money for your retirement

If you have multiple super accounts, you may be paying more in fees than you need to be.

Combining your super into one account could help you pay less fees, which means more money in your super account earning compound interest for your retirement. Watch this video from the Australian Taxation Office (ATO) to learn more.


2. Simplify your finances

Having just one super account means less paperwork and emails as you won’t be getting similar correspondence from multiple super funds.

Combining your super into one account could also lower the risk that any of your super gets lost in the future, as you will only have one account to manage and only one super fund to update if any of your contact details change.


3. Manage your investment strategy more effectively

As your seasons of life change, the investment strategy that is appropriate for your super may change over time too.

Typically, people may look to higher risk investment portfolios early in their career, before selecting a lower risk strategy as they mature and approach their retirement years. Having multiple accounts can make this process of managing your investment strategy unnecessarily complex.

Combining your super into one account means you are able to easily manage and optimise your investment strategy for your specific circumstances.


4. Keep track your super account balance and transactions more easily

It’s so much easier to track the growth of your super savings when all your employer and personal contributions go into one fund. Not only will this give you a clearer idea of what you actually have saved for your retirement, but it is motivating to recognise that you have more super saved than you may have thought.

When you have numerous accounts and possible some with smaller balances, it can be harder to keep track of your savings.


5. Invest more into the things we believe in

There are many factors that you may consider in deciding which account to combine your super into.

One of the reasons you may wish to consider combining your super into Christian Super is the way that we invest.  Around 10% of the funds we manage are allocated to impact investments, which aim to generate a measurable, beneficial social or environmental impact alongside a financial return. You can read more about impact investing here.


Things to consider before you combine your super

Check your insurance cover

Before you choose to leave a super fund, you should check to see what insurances you have through that fund. This may include life, total and permanent disability (TPD), and/or income protection insurance.

If you wish to combine your other super into your Christian Super account, you can quickly and easily contact us to check if you have access to the same insurance cover before you close your other super accounts. If you’re not sure, get independent advice from a licensed financial adviser.

Check if you have Lost Super

If you think you might have lost super, visit this page on the ATO website to find out how to search for it.


How to combine your super

It’s easy to combine your super! Click here to find out how, including how to combine your super into your Christian Super account should you wish to do so.

If you have any questions or require assistance, please contact our Member Care Team.


Disclaimer: The content of this article includes advice that is general in nature and does not consider your personal situation. Christian Super encourages all people considering their options in retirement planning to seek out qualified professionals who can provide specific personal advice.

The information on this page was last updated on 23rd April 2021.