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Changing super funds

How to change your super fund − and when it's a good idea

Changing super funds

How to change your super fund − and when it's a good idea

How to change super funds

These days, it’s so easy to change super funds – and you can usually do this online. There are 4 steps to switching super funds:

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    Compare super funds

    When choosing a super fund, it’s important to check their fees, performance, investment options, pension options, and insurance (if you need it). It’s also an opportunity to switch to a fund with an ethical investment option if you want to invest in a better future.

    Compare the benefits you can get with Australian Retirement Trust.

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    Join your new fund

    If you don’t already have a super account with the fund you want to switch to, open one before you switch from your old fund.

    It only takes 3 minutes if you want to join Australian Retirement Trust online.

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    Let your employer know

    Give your employer your new super details as soon as you can, so that they can start paying your super to the right place.

    There are a few ways you can let your employer know if you're with Australian Retirement Trust:

    • Our online form sends your account details in an email you can forward to your employer
    • Your employer's form (if they have one)
    • Download our pre-filled form.
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    Move your super balance

    Don't forget to transfer your super balance from your previous super fund to your new super fund.

    If you know the details of your other super fund, it's easy to transfer your super here in Member Online.

    If you don't know where your other super is, use the ATO’s rollover tool to search for it in myGov.

Change to Australian Retirement Trust

If you want a super fund that is committed to returning profits to members, not shareholders, switch to Australian Retirement Trust.

FAQs about switching your super


Yes, you can usually change super funds in Australia, unless you work in an industry that requires you to use one particular super fund. You can ask your employer if you’re unsure.

If you have to keep your account with a particular super fund, you can still join a new fund and just transfer your balance when your employer contributes to your old fund. However, this could mean you’d be paying fees with two separate super funds, so it’s worth checking whether the benefits you would get from switching would outweigh the cost.

Yes, you can. If you’ve got more than one super fund, you can move your balance from each of them to your new fund.

You can do this in Member Online if you’re with Australian Retirement Trust, or you can use the ATO’s rollover tool in myGov.

No – super funds are not allowed to charge exit fees as a cost for you to leave their super fund and switch to a new one.

However, some super funds do have other fees or tax implications when you switch super funds, such as a buy/sell spread fee when they cash out your investment. So it’s worth calling them to check before changing super funds.

You also need to remember that it may still cost you if you don’t switch super funds. If your current super fund has high fees and/or poor performance, you may end up with less money at retirement than if you had switched to get lower fees and better performance.

Before you switch super funds, make sure there are no fees or tax implications for leaving your current super fund.

Consider if the timing is right and whether you’ll be missing out on pension options.

You also want to make sure you won't be without insurance during the switch to your new fund.

If you're currently on claim through the insurance included with your super account, you can still switch super funds.

But before switching, you should check with your super fund or your financial adviser about whether to leave some money with that fund to ensure you remain covered in the future.

Yes, you can – but this will close your Defined Benefit account, and you usually can’t reopen it after you switch. Our Defined Benefit account has a number of pension options and other benefits that most other super funds cannot match.

So you might want to get financial advice about whether you'd be better off with your defined benefit or an accumulation type super fund.

There are both pros and cons to changing super funds:

Pros
Cons
It’s easy, and you can do it all online.
Fees or taxes may apply when you leave your current fund.
Take the chance to compare super funds and look for lower fees and higher returns, or for other benefits.
Your new fund might offer less insurance (if you want it) or put more conditions on insurance for new members.
Switching to lower fees now can mean you have more money when you retire.
A small number of employers only pay to their chosen super fund, so you might need to check that first.
You can search for any lost super or money with other super funds and bring all your savings together.
Your new fund might have educational seminars or offer financial advice that can help you make the most of your super.

Great, what do I do next?

 

Compare us

Find out why Australian Retirement Trust is a great choice for your working years and beyond.

 

Move your super

If you’ve switched here, log in now and bring your super balance over into your new account.

 

Tell your boss

Make sure your payroll team or your boss knows your account details for Australian Retirement Trust.

Switch to Australian Retirement Trust today – it only takes a few minutes

The right choice today could make a big difference to your future.