Having multiple superannuation accounts is common among Australian workers, particularly those who have changed employers multiple times or worked in casual and part-time roles. Multiple accounts result in duplicate insurance premiums and multiple sets of administration fees, which can significantly erode retirement savings over time.
The ATO operates a superannuation account consolidation service that allows members to find and consolidate lost and multiple accounts through myGov. Since the introduction of stapling measures in 2021, new employees are generally defaulted to their existing fund rather than opening a new account with each employer.
Lost superannuation represents billions of dollars across the Australian superannuation system. The ATO holds unclaimed superannuation money on behalf of members who cannot be located by their fund.
Consolidating multiple superannuation accounts into a single fund can simplify management, reduce fees, and avoid duplicate insurance premiums. However members should consider whether they would lose valuable insurance cover before closing any account.
Data sourced from ATO Superannuation account data and APRA Annual Superannuation Statistics. Updated annually.