The power of consolidation

Around 4 million people have more than one super account.¹ For some, this may be part of a financial strategy. For others it could be they’ve never considered combining them or not yet gotten around it. It could even be as simple as they’ve forgotten about or lost track of their other accounts – they may not even be aware these other accounts exist.

If you’ve had more than one job, there’s a chance you’ve got more than one super account. 

Combining of all your super accounts is one of several strategic steps you can take to potentially simplify, strengthen and secure your retirement outlook for the better.

Things to consider before consolidating your super

Before consolidating all or part of any other super accounts you hold, you should carefully consider how this may have an impact on your existing insurance cover, contribution, and tax arrangements.²

You can find further information on considerations before consolidating your super in the FAQs below.
 

How to consolidate your super in 3 simple steps

Finding all your super accounts and consolidating them into your Mercer Super account can be done in three simple steps – even if you don’t have any details of the other accounts.

Alternatively, call us and we can search for any other super accounts you may have. We can even consolidate them into your Mercer Super account over the phone. If you’re unsure of your other account details, our team can search for any other accounts you may have.

Before calling, please ensure you have two forms of identification on hand such as a drivers license, passport or Medicare card. Our team will use the details you provide to help locate any other accounts you may have.

You can use our phone-based consolidation service by calling our Helpline on 1800 682 525, Monday to Friday, 8am-7pm (AEST/AEDT).

Frequently Asked Questions (FAQs)

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^{1. As at 30 June 2024 the Australian Taxation Office has reported that around 4 million people have two or more superannuation accounts.}

^{2. Combining your super can be a significant financial decision. If you decide to combine all or part of your other super account(s), carefully consider how this may have an impact on your existing insurance, contribution and tax arrangements, fees or charges, or any other benefits you may lose. If you intend to claim a tax deduction on your personal contributions, you will need to provide your existing fund with a notice of intent to claim and receive confirmation it's been processed before combining your super. We recommend you seek financial advice before deciding whether to combine your super accounts.}

_{3 ChantWest MySuper Default Fee Tables June 2024 – for $50,000 and $100,000 account balances. Fees are for Mercer SmartSuper - SmartPath® (our MySuper product) as at 30 June 2024 for total administration fees and costs. Chant West uses our 1964-1968 investment option for purposes of comparison with other MySuper funds. You may pay less than this if you are in an employer plan with discounted fees. For more details on fees for each of our SmartPath options, or if you’ve chosen your own investment option/s, go to the ‘How Your Super Works' guide online. Fees and costs can vary from year to year. Past fees and costs are not a reliable indicator of future fees and costs. Fees and comparisons may differ for other investment options and account balances.}

_{IMPORTANT Please note that any information in this material regarding legal, accounting or tax outcomes does not constitute legal advice or an accounting or tax opinion and prior to relying and acting on this information it is important that you seek  independent advice from a qualified lawyer or accountant regarding this information.}

_{Disclaimer: This content has been prepared on behalf of Mercer Superannuation (Australia) Limited ABN 79 004 717 533, Australian Financial Services Licence #235906, the trustee of the Mercer Super Trust (‘Mercer Super’) ABN 19 905 422 981. Any advice 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, you need to take into account your own financial circumstances. The material contained in this document is based on information received in good faith from sources within the market and on our understanding of legislation and government press releases at the date of publication which we believe to be reliable and accurate. Neither Mercer nor any of its related parties accepts any responsibility for any inaccuracy. Please consider the Product Disclosure Statement, Product Guide, Insurance Guide, and Financial Services Guide at mercersuper.com.au 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. The product Target Market Determination can be found at mercersuper.com.au/tmd. Past performance is not a reliable indicator of future performance. 'MERCER' is a registered trademark of Mercer (Australia) Pty Ltd ABN 32 005 315 917.}