There's around $17.8 billion in lost and unclaimed super across Australia as of 30 June 2024¹.

It can be easy to lose track of super from past jobs. Searching and bringing your super into one account:

• means you’re not paying unnecessary additional fees and potentially multiple insurance premiums
• makes it easier to keep track of your super balance
• could boost your super balance in the long term.

Bring your super together in three easy steps

Things to consider

Insurance and other benefits

It’s important to check whether you’ll lose any existing insurance cover or other benefits after bringing your super funds together and whether your remaining cover is sufficient. Once you consolidate your super, any insurance cover in your other super accounts will be cancelled.

You may not be able to claim upon multiple insurance policies, so consider whether you need more than one policy or whether you can get enough insurance through one super fund. If you have insurance in your other super account and would like to transfer that cover to us, you’ll need to submit a Transfer your insurance cover form and receive confirmation from us that your cover has been transferred before combining your super.

Contributions to super

Check where any contributions are being paid for you so that they’re being directed to an account you want to keep open.

If you’ve made personal super contributions to your other fund and wish to claim a tax deduction, you’ll need to lodge a notice with them and have it acknowledged or confirmed before combining your super.

Cost of transferring 

You should check if fees or costs will be charged in the super account you’re transferring from, for example a buy-sell spread or capital gains tax may apply when transferring.

Deduction from your super account 

Any amounts being paid from a super account you consolidate will cease, such as adviser fees. If you would like any adviser services being provided to continue, you will need to commence a new adviser fee arrangement and agree to the fees being paid from your continuing super account. 

Our Financial Coaches can provide limited personal advice on certain topics related to your super accounts held with us. Importantly, the Financial Coaches cannot provide advice on the consolidation of multiple superannuation interests held across different superannuation funds. The cost of the advice provided by the Financial Coaches is collectively charged to all members and forms part of your administration fees and costs shown in the Fees and Costs Summary in the PDS. There is no additional cost for this service. Find out more information about the Financial Coaches.

If you have a financial adviser, we recommend you speak to them about whether bringing your super together is the best option for your situation.

1. Australian Tax Office, Lost and unclaimed super data last updated 17 September 2024.
2. Note: if the ATO‘s SuperMatch service is not available, we will not be able to search for your other super account(s).

Important Information
The information on this page has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006 695 021 AFSL 230524 as trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818 (IOOF Super). 

The Financial Coaches provide financial advice under the Australian Financial Services licence (AFSL) of Actuate Alliance Services Pty Ltd ABN 40 083 233 925 AFSL 240 959 (Actuate). Actuate and IIML are both part of the Insignia Financial group of companies comprising Insignia Financial Limited ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). IIML has an arrangement in place in which Actuate has been appointed to provide general and limited advice services (which includes simple super advice) to members of relevant products in the Fund. Neither IIML, nor any other entity within Insignia Financial Group, including any other entity within the Insignia Financial Group that is a trustee for a regulated superannuation fund, is liable for or responsible for any work, action or advice provided by Actuate. 

Any advice or information provided to you by a Financial Coach during a super consultation will be of a general nature only and will not take into account your personal objectives, financial situation and needs. Because of that, before acting on any advice provide to you, you should consider its appropriateness to you, having regard to your personal objectives, financial situation and needs.

The above information contains general advice only and does not take into account your financial circumstances, needs and objectives. Before acting on any of this information, you should consider whether it is appropriate to your objectives, financial circumstances and needs, and seek appropriate professional advice. It is recommended that you consider the relevant Product Disclosure Statements (PDS) and Target Market Determinations (TMD) before you make any decisions about your superannuation. You can obtain a copy of the TMD and PDS from our website. 

Before consolidating your super or contributing to your IOOF Super account, you will need to consider whether there are any adverse consequences for you, including loss of benefits (eg insurance cover or loyalty benefits), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid.

Information is current at the date of issue on 19 August 2024 and may change.