How do I change my superannuation fund?

How to Change Your Superannuation Fund

You can change your superannuation fund at any time. Here's what you need to know:

Steps to Change Funds

• Choose a new fund – Research and select a superannuation fund that suits your needs. Compare fees, investment options, and insurance coverage.
• Contact your new fund – Ask them to initiate a rollover of your existing balance. They'll handle most of the process.
• Provide your details – Give your new fund information about your current superannuation account (fund name, member number, or ABN).
• Wait for the transfer – The rollover typically takes 5–10 business days. Your old fund will send your balance to the new one.

Important Points

• You can consolidate multiple super accounts into one fund to reduce fees and simplify management.
• Check for lost super – Use the ATO's online tool to find any unclaimed superannuation before changing funds.
• Review insurance – If your old fund provided insurance (death, disability, income protection), check if your new fund offers similar coverage and whether you need to reapply.
• Avoid early withdrawal – Don't withdraw money before retirement unless you meet specific conditions. Early withdrawal usually means paying tax and losing the benefit of compound growth.
• Check exit fees – Some funds charge fees to leave. Ask your current fund before switching.

Useful Resources

• ATO – Rolling over your super
• MoneySmart – Superannuation guide
• ATO – Finding lost super

This is general information only. Check official sources before acting.