Consolidating your super takes just 5 mins
Things you’ll need:
- Your TFN
- Your member number from your other fund/s
- Your other fund/s name or their USI number or ABN
Before combining your super, consider the potential loss of insurance and other benefits that you may have with your existing fund. Also, think about where your future employer contributions will be paid.
Why should I consolidate my super?
- Save from not paying multiple fees
- Take control of and grow your super by having your contributions go into one fund
- Choose just one investment strategy that suits your retirement goals and risk profile
- Keep track of contributions and contribution caps more easily
- Less paperwork and fewer numbers and passwords to remember
Where to find your Tax File Number (TFN)?
- You can easily find your TFN by logging into your myGov account
- If you don’t have a myGov account, you can generally find your TFN on
- your income tax notice of assessment
- letters from the ATO
- an income statement or payment summary provided by your employer
- your superannuation account statement from your other fund
- Also, if you have an accountant or tax agent, they will have your TFN
- If you still cannot locate your TFN, call the ATO on 13 28 61
How to locate your member number for your other fund(s)?
- You can find your member number for the other fund on your annual statement which funds send to you every financial year.
- Your member number may also be included on correspondence you received from the fund, possibly via email or in the post if you received a welcome pack.
- You should also be able to locate your member number by logging into your other fund’s online member portal, app or by using their website if they offer a ‘find my member number’ online tool.
- If you still cannot locate your member number, you can call your other fund and ask them to tell you your member number, after they verify your identity.
What is a USI and how do you find your other fund’s USI?
- USI stands for Unique Superannuation Identifier. It’s a number used to identify different super funds and sometimes their specific products.
- Your other super fund should have their USI number on their website, typically located on their Contact Us page or their Frequently Asked Questions page.
- Some funds include their USI number on their email correspondence, so it’s worth checking your emails.
- Check your print correspondence, including any statements or a welcome pack as their USI may be included there.
- You can also use the ATO’s USI and Spin Lookup Table to help you find the USI or ABN of your other fund.
- If you’re still stuck, you can always call your other fund to find out which USI is assigned to your account, as sometimes a fund can have several USIs if they have a higher number of product names.
1 As at 30 June 2018, Australian Taxation Office.
Important information: digital advertising is illustrative example only. Assumptions: Calculated using the average MySuper product administration fees for a $50,000 balance of 0.35% p.a. or $175 p.a. for each super fund. This amount does not take into account investment fees and costs, investment earnings or inflation. Source: Chant West Super Fund Fee Survey for March 2019.