Australians love to call the retirement savings “super”, but having too many superannuation accounts can be far from super. If you’re over 60 and still juggling multiple super accounts, you’re not alone – and it might be quietly draining your hard-earned savings. In fact, the Australian Taxation Office (ATO) warns that holding more than one super fund means “paying unnecessary fees and charges” which can ultimately “reduce your overall retirement income”.

With billions of dollars in lost or unclaimed super floating around and new rules making it easier than ever to consolidate, 2025 is shaping up as the perfect time for seniors to take charge. This article will walk you through why consolidating your super could boost your nest egg, the pros and cons to consider, and how to go about it. No dense financial jargon here, just a friendly chat about making your retirement savings work harder for you.



So, put the kettle on, grab your reading glasses, and let’s dive into the surprisingly entertaining world of super consolidation. (Yes, we’ll make superannuation as fun as it can be!)

Why Having Multiple Supers is a Super Problem​

Do you have more than one super account? Perhaps you’re carrying a couple of funds from different jobs over the years – a common scenario for many Aussies. It might not seem like a big deal on the surface. In fact, a decade or two ago, you might not have given it much thought. But today we know better: all those accounts could be eating into your retirement money bit by bit. Each account charges its own set of admin fees and insurance premiums. Over time, these duplicate costs add up to thousands of dollars – money “that should be working for your future,” as one retirement expert put it.

Consider this: a landmark government report found that unintended multiple super accounts were eroding Australians’ nest eggs by about $2.6 billion every year in extra fees and insurance. That’s not chump change. It’s your money being whittled away on fees for accounts you may not even remember having! The government has since taken action – exit fees have been banned (so you generally won’t be charged to leave a fund) and new employees are now “stapled” to their existing super fund by default to prevent duplicate accounts. These reforms mean younger folks might avoid the multiple-account trap, but many of today’s seniors still have old accounts hanging around from past jobs.



How common is this problem? As of mid-2024, around 4 million Australians held two or more super accounts. Among people over 65, roughly 15% still have more than one super fund – that’s about one in every seven seniors. The trend is improving (most people now have a single account), but clearly millions of retirees and pre-retirees remain at risk of “quietly” losing retirement savings to duplicate fees.

To make matters more intriguing, there’s also the issue of “lost super.” If you’ve ever changed jobs, moved house, or even changed your name, there might be superannuation money out in the ether waiting for you.

The ATO reports there is $17.8 billion – yes, billion with a “b” – in lost and unclaimed super across more than 7 million accounts. Some of that could have your name on it without you even knowing! One government article noted that since 2021 over $6.4 billion of ATO-held super was reunited with people, but there’s still $17.8B left unclaimed. It’s like a national lost-and-found for money. All you need to do is ask nicely (we’ll get to how in a bit). Even a small forgotten account – maybe from that short stint you did at a company decades ago – could make a difference to your final retirement balance.



The bottom line? Multiple accounts = multiple fees = less money for you. And if any of those accounts have slipped off your radar, they might be gathering dust (and fees) or sitting with the tax office awaiting your claim. As the ATO bluntly sums up, having several super funds means you’re likely paying for “unnecessary fees and charges” that eat into your retirement funds. None of us want to think we’re needlessly giving away our savings like that.

The Upside: Why Consolidating Your Super Makes Sense​

Now for the good news. Consolidating your super – which simply means rolling all your separate superannuation accounts into one – can be one of the simplest yet most powerful moves to shore up your finances in retirement. Think of it as spring cleaning for your finances: tidy up those stray accounts and end up with one neat, easy-to-manage bundle. Here are some key benefits of going from many to one:

• Save on fees, boost your balance: You’ll stop paying multiple sets of fees. Instead of, say, three funds each charging an annual admin fee (plus maybe insurance premiums), you’ll pay one set of fees to one fund. All those saved fees stay in your account to grow. It’s like plugging leaks in a bucket – your super balance can fill up faster once the leaks (duplicate fees) are sealed. Over a long retirement, this could mean thousands of extra dollars for you. (No wonder regulators pushed to fix this; even Australia’s largest super fund was called out for not merging duplicate accounts and thus “eroding [members’] balance over time” with extra fees).

• Less paperwork & simpler management: Ever feel swamped by super statements? By consolidating, you’ll have just one set of statements and mail to deal with. No more juggling logins or phone calls with multiple funds. Come tax time or when reviewing your investments, it’s much easier to see what you’ve got. In one swoop, you cut down the paperwork (and possibly a few headaches). Clarity is a big win, as everything is in one place.

• Easy tracking of performance: With all your super in one fund, you can track your investment growth in one place. It becomes clearer how your money is performing and whether you might need to adjust your investment options. When your super was scattered, you might not have bothered comparing how Fund A versus Fund B was doing. Consolidation puts the whole picture in front of you. Knowledge is power – and in this case, potentially more dollars down the line.

• Better retirement planning: One account makes it simpler to plan withdrawals (if you’re in pension phase) or contributions (if you’re still adding money). For retirees drawing an income from super, it’s easier to manage your retirement income drawdowns from a single fund. You won’t have to decide which fund to withdraw from each year – a one-stop shop simplifies those decisions. And if you’re still topping up your super, having one fund helps make contribution planning simpler, since you’ll instantly see where you stand relative to contribution caps or savings targets.

• No more “forgotten” accounts: Once everything is combined, you eliminate the risk that you’ve left some money languishing in a forgotten fund. You’ve effectively reunited with all your super. It’s actually kind of satisfying – like finding lost treasure – to know every dollar of your retirement savings is accounted for. (Remember that $17.8 billion in lost super? The first thing consolidation often involves is doing a quick search for any super in your name that you didn’t know about. A quick myGov search can “reunite you with money you didn’t even know was missing”)

• Peace of mind: Perhaps the most important benefit is intangible – peace of mind. When you consolidate, you gain confidence that your retirement savings are maximized and not leaking away. Many retirees say they simply feel more in control once they consolidate – one account to monitor, one fund’s rules to understand, one point of contact if something needs fixing. It reduces the mental load, which in retirement is something we can all appreciate.

To sum it up in a slogan: One super account to rule them all! By combining your accounts, you essentially make your super truly “super” – efficient, easier, and working harder for you. As the government’s MoneySmart service puts it, consolidating can “save money by only paying one set of fees, have less paperwork, and [help] keep track of your super balance more easily”. And who wouldn’t want that?

Look Before You Leap: Potential Downsides and Cautions​

Now, before you rush off to hit that “consolidate now” button, let’s pause. While combining your super is usually beneficial, it’s not a one-size-fits-all no-brainer. There are a few important cautions and potential drawbacks to consider. Think of this as the part of the movie where the hero stops to check for quicksand before charging ahead. Here’s what to watch out for:

• Insurance cover – don’t accidentally cancel it: This is the big deal. Many super funds come with built-in life insurance or total and permanent disability (TPD) cover. If you close an account to merge into another, you could lose that insurance coverage. For some people, that’s no problem (maybe you have other cover or don’t need it anymore), but for others it might be a deal-breaker. Check what insurance you have in each super fund before consolidating. If one fund has, say, a decent life insurance policy that you wouldn’t qualify for elsewhere (common if you have a pre-existing medical condition or you’re over 60), think twice. You might be able to get similar cover in your remaining fund, but there’s no guarantee – especially as we age, insurance can be harder or pricier to obtain. One strategy some use is to keep a small balance in the old fund to maintain the insurance, and roll over the rest of the money to your main fund. For example, you might leave a few thousand dollars in Fund B just to keep the life insurance active, and transfer the bulk to Fund A. It can be a bit fiddly, so it’s wise to get advice on this if insurance is a concern. The key message: don’t throw out valuable insurance by mistake.

• Differences in fees and performance: Not all super funds are created equal. Before deciding which account to keep (or whether to move to an entirely new fund), compare the fees, performance, and features of your options. You’ll want to consolidate into the fund that serves you best. Sometimes people assume they should keep the fund with the largest balance – but that isn’t always optimal. A smaller account might belong to a fund that consistently outperforms or charges lower fees, making it the better home for all your money. Look at at least the past 5-year performance, the fee structure, investment choices, and any member services or perks. Independent comparison tools (like the government’s YourSuper comparison site) or ratings agencies can help here. The MoneySmart site cautions: “Don’t just transfer into the account with the highest balance. The best account for you may be one of your smaller accounts, or even a completely new fund”. In short, do your homework on where your consolidated super will live. With nearly 185 APRA-regulated super funds in Australia, you have plenty of choice – pick one that’s right for your needs.

• Check for special benefits (especially defined benefit funds): If you have an older defined benefit super fund (more common among long-time public servants or some corporate employees), be extremely careful before consolidating. Defined benefit funds work differently – they promise a pension or lump sum based on salary and years of service, and they often have very generous terms that you cannot replicate elsewhere. If you leave a defined benefit scheme, you typically can’t rejoin it, and you might be giving up guaranteed benefits. For instance, some defined benefit funds guarantee a certain income for life – something no modern accumulation fund can match. Consolidating such an account into a normal super fund could be a costly mistake. The rule of thumb: get professional advice before touching any defined benefit fund. Make sure you’ll truly be better off by moving it (and frankly, often you won’t be). In many cases, people with a defined benefit fund will keep that one separate and perhaps consolidate their other accounts into one additional fund. So, identify your account types: if one is “defined benefit,” handle with care.

• Watch out for timing and transaction costs: Timing isn’t a huge issue for most, but it’s worth a thought. If you’re on the verge of retirement or about to start an account-based pension, consider how consolidation fits into that timing. Often, the start of a new financial year (right around now, in July) is a popular time to consolidate, since contribution caps reset and plans are reviewed. But if you’re in the middle of making a large contribution or waiting on an employer payment, you might delay consolidating until that’s done, just to keep things simple. Also, check if moving your money will incur any buy/sell spreads or exit costs – outright exit fees are banned, but some funds might have small implicit costs when you withdraw (for example, if they need to sell assets to pay out your balance). Usually these are minor, but it’s good to be aware. And avoid being out of the market for too long – when you roll over, the money should go from Fund A to Fund B within a few days. Leaving it sitting as a cheque (does anyone still use those?) or in limbo could mean missed investment earnings.

• Employer contributions (if you’re still working): Are you still punching the clock part-time even in your 60s or 70s? If so, check whether your employer has any special arrangement with a fund. Some employers contribute a bit extra if you use their default company super fund. It’s not common, but a few generous employment agreements are out there. You wouldn’t want to miss out on extra dollars because you moved your money elsewhere. Usually, though, you can consolidate and still have your employer pay into your chosen fund (by giving them a simple form with your new fund details). Just double-check with HR or the boss if any incentives apply to staying with a certain fund. And absolutely remember to give your employer the details of your chosen fund once you’ve consolidated, so your Superannuation Guarantee payments don’t accidentally go into the old, now-closed account. Communication is key!

• Already drawing a pension? You still have options: Some retirees think that once they’ve started an account-based pension (ABP) from a super fund, they’re stuck with whatever setup they had at the time. Not true! It’s a bit technical, but worth explaining: if you have multiple accounts and you’ve converted one into a pension, you generally cannot merge two already-in-pension accounts (you can’t combine two existing ABPs). The myth that you “can’t consolidate because you’ve started a pension” is just that – a myth You may need to be mindful of the transfer balance cap (the limit on how much can go into pension phase) and any Centrelink Age Pension implications, but a financial advisor can help navigate those. The key point: being retired doesn’t mean you can’t tidy up your accounts. You absolutely can – and probably should – consolidate any straggler accounts so that all your super money is either in your pension or at least in one fund for ease of management. Don’t let the technicalities stop you from simplifying.

• One fund or two? (Diversification concerns): Occasionally we hear, “Should I keep two funds to spread my risk? What if one fund collapses or underperforms?” It’s true you don’t want all your eggs in a terrible basket, but remember, super funds are strictly regulated and your money is usually spread across many investments anyway (shares, bonds, property, etc., depending on your options). The chance of a major APRA-regulated fund collapsing is extremely low; and even if one fund underperforms, you can switch funds. Having multiple funds is an inefficient way to diversify – you can typically achieve diversification within one good fund by choosing a balanced or diversified investment option. In fact, regulators argue the bigger risk is sticking with an underperforming fund or paying double fees unnecessarily. So, pick a solid fund and you should be fine. If you really want a backup, some people keep a small amount in a second fund (for example, to retain a specific investment or insurance), but for most, one is plenty.

• Scams and pitfalls: Lastly, be cautious how you consolidate. Unfortunately, scammers know that Aussies have billions in super and they target seniors with calls or emails offering to “find lost super” or “consolidate your accounts” for a fee. Be wary of any unsolicited offers of help. You do not need to pay a third party to consolidate your super – you can do it yourself online for free, or with the help of your fund or the ATO. Only use trusted channels: your myGov account, official ATO phone lines, or dealing directly with your super fund. If someone cold-calls claiming they’ll sort your super if you just give them your personal details, hang up the phone. Sadly, there have been instances of unlicensed operators targeting retirees in this space. Stick with the official tools and you’ll be safe.

It might seem like a long list of caveats, but don’t be discouraged. For most people, these issues are manageable – it just means doing a bit of due diligence before you consolidate. As the saying goes, “look before you leap.” Or in this context: look into fees, insurance, and rules before you roll over your super.

If you check those boxes, the actual act of consolidating is pretty straightforward – and the benefits will likely outweigh the drawbacks. Many of the “myths” that cause hesitation (too old, too hard, etc.) aren’t true at all, which brings us to…

Busting the Myths: “Too Late, Too Hard, Too Old”?​

When it comes to superannuation, a few persistent myths often keep seniors from acting in their own best interest. Let’s bust some of the common misconceptions that might be holding you or your friends back from consolidating and optimizing your super.

• “I’m too old to bother with my super now.” Wrong! Even if you’re in your 60s, 70s, or beyond, your super can continue to play an important role in funding your lifestyle – and small improvements can make a real difference. You might not think of adding to your super at this stage, but many people aged 60 to 74 are still eligible to make contributions (especially non-concessional, i.e., after-tax lump sums) and even take advantage of special rules to bulk up their balance. For example, recent changes allow folks up to 75 to use the “bring-forward rule” to contribute up to three years’ worth of after-tax contributions in one go. If you’ve received an inheritance or proceeds from downsizing your home, you could potentially put a large chunk into super for a more tax-effective investment. This can be a game-changer for your retirement finances. The myth that you can’t touch super after a certain age is simply false – sure, there are some rules to navigate, but age 60+ is not a full stop on super. So don’t let age stop you from consolidating and even growing your super if you can. As one retirement planner noted, this opportunity is “widely underused” by seniors who assume they can’t contribute or it’s not worth it.

• “I need to keep that old fund ‘just in case’ I go back to work or need to contribute again.” Not really. Some retirees hold onto a small super account thinking they may re-enter the workforce or need a super account for some future use. But guess what – opening a new super fund later is usually easy and quick In this digital age, you can set up a new super account online in minutes if circumstances change. Unless you are actively working and contributing right now, there’s no compelling reason to maintain a “just in case” account with a few dollars in it (and meanwhile pay fees on it). You won’t lose any special status by closing an extra fund – you can always reopen one later if needed. In short, “just in case” is just costing you money. Consolidate it, save the fees, and cross the new-account bridge later if you come to it.

• “It’s too complicated – I wouldn’t know how to consolidate.” If the thought of paperwork or hours on hold with call centers makes you shudder, take heart: consolidating super has never been easier. The government has invested in systems to simplify this process. You can consolidate most accounts with a few clicks online through myGov – no tedious forms needed. Seriously, it often takes mere minutes. Here’s the gist: log in to your myGov account (or set one up) and link it to the ATO services. Under the “Super” section, there’s an option called “Manage” then “Transfer super”. Click that, and you’ll see all your super accounts listed. Select the ones you want to move into your preferred account, and submit. The ATO will electronically notify the funds and initiate the rollover for you. It’s kind of like online banking – very straightforward. If you’re not comfortable online, you can phone the ATO’s lost super search line at 13 28 65 and they’ll help you through it. Or you can even ask your chosen super fund – many funds are happy to help you consolidate and will do the legwork if you give consent. The process is usually free of charge. So, don’t let fear of complexity keep you from saving money. Thousands of Australians successfully consolidate their super every month; you can do it too, and there are resources to guide you step by step.

• “Nothing to gain – my super’s fine as is.” You might be thinking your super is on autopilot and doing okay, so why meddle? But ask yourself: Do you know exactly how many accounts you have and what each is costing you? Many people don’t until they investigate. Even one extra account with just a few thousand dollars can quietly shrink to zero over time from fees. By consolidating, you could literally find money. Perhaps your super is fine – or perhaps it could be better. One 55-year-old in a government study was projected to gain an extra $61,000 by retirement just by eliminating multiple accounts and switching to a better performing fund. That’s not life-changing wealth, but it’s certainly an extra safety cushion (or a lot of nice holidays!). The upside of taking action can be significant, whereas the downside of leaving things status quo is guaranteed leakage of funds. It’s worth at least checking – use the tools we’ve discussed to see if you have any lost super or duplicate accounts. There’s really no harm in looking.

Hopefully, busting these myths shows that it’s never too late, and rarely too difficult, to improve your situation. Consolidation is not some youthful tech trick – it’s very much available to and beneficial for older Australians. If anything, retirees stand to gain the most from this, as you typically have larger balances at stake and no time to waste on inefficiencies.

Ready to Consolidate? Here’s How to Get Started (and Where to Get Help)​

So you’re convinced (or at least curious) about consolidating – what next? As mentioned, the go-to method these days is using the myGov online system. It’s secure and integrates with the ATO’s records. To recap the steps for the online route:

1. Log in to myGov (or create a myGov account if you don’t have one – you’ll need an email and some ID to set it up).
2. Link the ATO to your myGov. This just means connecting your tax records – there will be an option to link services and you choose ATO. You’ll answer a few identity questions (like an ATO security check using info from your tax file number, etc.). Once linked, you have access to ATO’s online services.
3. Go to the “Super” section in ATO online services. Under Super, find “Manage” and then “Transfer super”. (This option will only show up if you have more than one super account; if you only see one account listed, it means the ATO doesn’t think you have any others. Double check if that seems wrong – occasionally some accounts might not show if details don’t match, in which case call the fund or the ATO.)
4. Choose which account to consolidate into which. The system will list all your accounts – you then select a source account (the one you want to close) and a destination account (the one you want to keep). For example, you might tick the box to transfer your “XYZ Super Fund” account into your “ABC Super Fund” account. If you have multiple to close, you might have to do them one at a time.
5. Submit the request. The ATO will handle the rest. Typically, the transfer is done electronically and completed in 3–7 business days. You might receive a confirmation from your fund when the money arrives.

That’s it – you’ve consolidated! Pour yourself a celebratory cuppa. Your super accounts have gone from a cluttered closet to a neat single drawer.

If you prefer not to do it online, other options include: contacting the fund you want to move to (they often have a consolidation service and can pull money from your other funds with your permission), or filling out a standard paper form called a “rollover form” (available from the ATO or super funds) and mailing it. Many super funds today have an online “combine my super” feature on their member portals as well; these usually just interface with the ATO system in the back end.

Also, remember to search for lost super explicitly if you suspect you had some account long ago. On myGov, any lost or ATO-held super should show up when you click “Manage > Transfer super”. You can also use the ATO’s “SuperMatch” via participating funds, or call the ATO. They have a dedicated automated line to search lost super by TFN (13 28 65) and a helpline (13 10 20) where a person can assist. As noted earlier, billions are waiting to be claimed – it’s worth a quick check. Finding even a small amount of lost super could make a big difference over time.



For more information or guidance, here are some excellent resources:

• ASIC’s MoneySmart website – They have a whole section on “consolidating super funds” with tips on what to do before consolidating (like checking insurance and employer contributions). It’s a trustworthy, plain-language guide. MoneySmart also covers “Choosing a super fund” if you need to pick the best account to keep, and “Finding lost super”. Essentially, it’s a one-stop knowledge base for these topics, and I highly recommend giving it a read if you’re doing this on your own. (MoneySmart even reminds you: “If you are in a defined benefits super fund get professional advice before you leave... If you leave, you can’t rejoin.” – wise words indeed.)

• Australian Taxation Office (ATO) – The ATO website has up-to-date info on how to use their online services for consolidation and lost super searches. They also publish statistics (like the ones I’ve cited) which can be interesting if you want to know more about how many people have multiple accounts etc. But for practical purposes, their online portal or helplines will be your tool for action. Remember, using the ATO’s tools is free. They won’t charge you to move your own money around. As the regulators say, your super is your money – they’re just helping facilitate moving it.

• Your Super Fund – Don’t hesitate to ring up your super fund’s customer service. Say, “Hey, I’ve got X account with you and another account elsewhere. Can you help me consolidate into your fund?” They will likely jump at the chance to bring in more of your balance (funds want more of your money, after all), and they’ll guide you. They might send you a pre-filled form or direct you to their online transfer tool. Just be sure you do want to stick with that fund for the right reasons (low fees, good performance, etc.), not just because they made it easy.

• Financial Advisers or Counsellors – If your situation is complex or you’re just not comfortable making the decision alone, consider getting personalised advice. A licensed financial adviser can provide a recommendation on which fund to go with, how to manage any insurance or tax implications, and ensure the consolidation fits in your overall retirement strategy. They can even execute the rollovers for you. There may be a cost for advice, but for larger balances or tricky cases (like handling defined benefits, big contributions, pension setups), professional guidance can pay for itself. At the very least, you might do an initial consultation (some offer a first session free or at low cost). There are also free financial counselling services (through community centres or National Seniors organizations) that, while they may not give detailed investment advice, can help talk you through the process and options.

One final tip: keep records of any correspondence during the consolidation. Normally it’s smooth, but now and then an account might take a while to close or a fund might ask for additional proof of identity. Stay on top of it until you’ve confirmed all your money has landed in the right place. After a few weeks, you should receive exit statements from any funds you left, showing a zero balance, and an updated statement from your remaining fund showing the rollovers coming in. Once you have those, you can rest easy that it’s all done.

Oh, and after consolidating, make sure your beneficiary nominations are up to date in your chosen fund (who gets your super if the worst happens). If you had multiple accounts, you might have had different nominees on each – now you have one account, so double-check that one account’s nomination is correct and as you intend.

Wrapping Up: One Super Future?​

Consolidating your super is about making your money simpler, safer from needless fees, and potentially larger in the long run. It’s about taking control of what’s yours. Many Australians in their 60s and beyond have found that streamlining their super accounts gives them not just financial benefits, but a sense of relief. It’s one less thing to worry about in retirement. As the team at Retirement Essentials (a senior-focused advisory service) aptly says, “good retirement planning should be simple and practical” – and bringing your super together is a key step in that simplification.

By now, we’ve looked at why multiple accounts can hurt, how consolidating can help, and the steps to do it while avoiding pitfalls. The new financial year 2025 is a great time to act – contribution limits are refreshed, and you can start the year with a clean slate. The question left is a personal one: What will you do about it?

You might be thinking about your own super situation. Perhaps you’re mentally counting how many funds you have, or digging through a drawer for old statements. Maybe you’re already sorted with one account (in which case, pat yourself on the back!). Or maybe you’re realizing you have a bit of a super spring-cleaning to do.



Whatever the case, remember that the power ultimately lies with you – it’s your retirement and your money. The systems and support are in place to help you make the most of it. All that’s needed is that first step, even if it’s just doing a quick online search to see if you have unclaimed super waiting.

As you weigh this up, consider the upside versus the effort. A little bit of paperwork (or a few clicks online) could save you hundreds of dollars a year and simplify your life. Not a bad trade-off, right?

Before we sign off, here’s a friendly disclaimer: everyone’s financial situation is unique, and while consolidating super has general advantages, it’s wise to consult a qualified financial professional before making major changes to your superannuation. This article is informational and doesn’t take into account your personal circumstances. In other words – do your homework and/or seek advice to ensure it’s right for you. After all, we’re talking about your life savings here, so a bit of extra caution is prudent.

You’ve worked for decades to build your retirement nest egg. Isn’t it worth an afternoon of attention to make sure every dollar of it is working as hard for you as it possibly can? And if not now, when? The choice is yours – what will you do with your super to make your golden years truly shine?

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