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Consolidating your super

Education HUB article

5 minute read

Are you paying too much?

Join the 12 million Australians currently saving for their future by not paying multiple fees on more than one super account.

ATO figures show about 76% of Australians are holding one super account1.
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How do I choose a super fund (4:09 minutes)

When it comes to superannuation, there's no one size fits all approach. There's different types of funds and different products available within these funds. MySuper is a product you can have within a superfund. Usually it offers lower fees, simple features and the option of a lifecycle investment for those who don't want to make an investment choice. Choosing a superfund is a personal decision with many factors to consider. All funds have their own fees, investment options, performance returns, insurance and services. Fees. All superfunds charge fees. Depending on the type of fee, they can be deducted regularly or after a specific action, such as switching investment options. Fees charge may be a dollar amount or a percentage or both. Investment options. Most superfunds offer a range of investment options to choose from. These can include preset options like cash and multi-sector managed funds. Some will even provide more specific choices like direct shares to allow you to tally your portfolio further.

Performance. All funds publish performance returns on their investment options for the short, medium and long term. As many factors can impact returns, including fees and costs along with market volatility, it's always best to review returns over the last five years. Insurance. Superfunds typically provide three types of insurance for members. These insurances include life cover, which may also be known as death cover, total and permanent disability or TPD and income protection. When deciding on a superannuation fund, you might be looking at different providers or options. If you do, it's important to consider the impact of fees and costs. Make sure you compare like with like, for example, comparing a balanced fund option with another balanced fund option over the same period of time where possible. Once you've chosen a fund and set up your account, it's important to notify your employer so they can pay your super contributions to the right place. Most funds will have a form you can use for this or you can use the Superannuation Standard Choice form provided by the Australian Tax Office. Your employer will have a copy of this form if you need one.

Superannuation and the way it operates can be quite complex, which is why we built an education hub to help you make informed decisions. You'll find lots of dedicated articles including consolidating your super, grow your super and many more. There's also a number of tools and resources available to you more broadly. The ATO, your super comparison tool displays a table of MySuper products. These are ranked by fees and net returns and the list is updated quarterly. You can then select and compare up to four MySuper products in more detail at any one time. If you access the tool via your myGov login, you can also compare your current superfund besides other MySuper products. If you would like more information on how to choose a superfund, our wealth concierge team can give you complimentary general advice or refer you to a financial planner for personal advice. To get in touch, make an online inquiry through our website or drop in and see us at your local Bendigo Bank branch or if you already have a financial planner, you can simply contact them and ask for some personal advice.

Why consolidate?

Your super is your savings for your retirement. Multiple super accounts may mean you are paying more than one set of fees and insurance premiums.

Most people are eligible to choose where their employer pays their super contributions. This means you have control to choose your super fund and take it with you when you change jobs.

Take control of your super and understand what fund works best for you. Consider consolidating all your funds and join the majority of Australians paying for one set of fees.

Before consolidating your super, it’s important you check how doing so could impact your current benefits such as insurance.

If you choose Bendigo SmartStart Super, you may wish to bring your insurance with you. Call us or complete our Insurance Transfer Form before you consolidate your super or cancel any existing insurance cover.

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Super matters. Consolidating your super.

In a perfect world, our super would just follow us around from one job to the next.

Unfortunately, this isn’t always the case. Over the years, as our career paths change and our job experience varies, we can find ourselves in multiple super funds. Consolidating your super into one super fund can be a smart decision.

You save on fees. Save on paperwork. And you won’t risk doubling up on insurance.

You can have your investments in a single fund which makes it easier to manage and with the added advantage of having all your personal information in the same place.

Just remember, before you consolidate make sure you check with your fund that you won’t have any loss of benefits such as insurance.

Over the years, hardworking Aussies have consolidated millions of super fund accounts.

Are you ready to join them?

Visit to find and consolidate your super today.

How to consolidate your super and start saving today

Do you already have a Bendigo SmartStart Super account? If you know your super fund details you can use our simple Request to Transfer Form to consolidate your super.

If you have access to Bendigo SmartStart Online, you can combine your super in less than a minute.

    • Login and click on 'Start your super search'
    • Follow the prompts

Alternatively, the Australian Taxation Office (ATO) makes it easy to consolidate using their online consolidation tool.

If you have any questions, you can call us on 1800 033 426 or email us at

For more helpful topics, explore our Education HUB.

A Wealth specialist can help guide you. Make an enquiry today. 

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Things you should know

1 Source: ATO Super statistics: multiple super accounts data. Figure as at 30 June 2022


Bendigo Superannuation

Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (products). Bendigo Super is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879 (Bank). Each of these companies receives remuneration on the issue of the products or services they provide, full details of which are contained in the relevant Product Disclosure Statement (PDS). Bendigo Super, the Bank and its related entities do not guarantee the repayment of capital invested, the payment of income or products’ investment performance. An investment in these products does not represent a deposit with, or liability of Bendigo Super, the Bank or its related entities. The Bank does not stand behind or guarantee the performance of Bendigo Super in its capacity as trustee and issuer of the products. Bendigo Super is not an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Information on the website is subject to change without notice. Any advice in relation to superannuation is provided by Bendigo Super. The information contains general advice only and does not take into account your personal objectives, situation or needs. Before making an investment decision in relation to these products you should consider your situation and read the relevant PDS accessible through this site.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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