Consolidating accounts within Australian Retirement Trust

You may have Death, Total and Permanent Disability (TPD) and/or Income Protection cover with one or both of your accumulation accounts. If you choose to consolidate your accounts, your insurance cover will not automatically be transferred from one account to another – but you can request for your insurance to be transferred over before you consolidate your accounts. If you consolidate your accounts before transferring your insurance cover, the insurance on the account you are closing will be cancelled.

*If you have a Super Savings – Business or Super Savings – Corporate account, refer to your employer microsite.

• When choosing what insurance to keep, carefully consider your needs and review how much you’re insured for, how much you are paying (your insurance premiums), and other terms and conditions like pre-existing exclusions, waiting periods, and benefit periods. You should also consider the impact paying insurance premiums out of your super will have on your retirement savings.

• If you choose not to consolidate your accounts and have insurance cover on more than one account, in the event of a claim, you or your beneficiaries may be eligible to receive a Death and/or TPD benefit on more than one account. However, if you have Income Protection cover with more than one account, you may not be able to receive a benefit from both at the same time, or the amount you can receive could be reduced. Refer to the QSuper Accumulation Account Insurance Guide and Super Savings Insurance Guide for more information. 

• If you decide to consolidate your accounts and want your insurance to be transferred over, please make the insurance transfer request first. It's important to wait until you receive confirmation from us that your insurance has been transferred before you transfer your super money. This is because the insurance cover you have with the account you are closing will be cancelled. The insurance terms and conditions of your chosen account type will apply to your cover.

Whether you consolidate your accounts or continue with two accounts, the fees and cost of your chosen account type(s) will apply.

Administration fee caps apply separately to QSuper and Super Savings account(s) and will not carry across if you consolidate your accounts. The fee cap of your chosen account type will apply.

*If you have a Super Savings – Business or Super Savings – Corporate account, refer to your employer microsite.

If you consolidate your accounts, your super money will be invested based on the investment strategy you’ve chosen for future contributions for the account you are consolidating into. If you have not chosen an investment strategy for future contributions, your money will be invested in the default investment option of that account. You can change your investment strategy any time using Member Online.

Beneficiaries are who you’ve told us you’d like to receive your super (including any insurance benefit) in the event of your death.

If you consolidate your accounts, the beneficiary nomination(s) you have on your chosen account (if applicable) will apply. Any beneficiary nomination(s) you have on the account you choose to close will no longer apply.

The insurance cover you have with the account you are closing will be cancelled, so it's important to wait until you receive confirmation from us that your insurance has been transferred before you transfer your super money between accounts. Of course, if you are eligible, you can apply, amend, or cancel your cover at any time.

If you are receiving insurance benefit payments or have notified us of an insurance claim, you should wait until your claim is complete before you close your account. A previous insurance claim may be considered when assessing any future claims. Refer to the QSuper Accumulation Account Insurance Guide and Super Savings Insurance Guide for more information.

You should wait until your insurance change request is completed before you consolidate your accounts.

You can transfer some or all of your insurance cover using the relevant form above (maximum limits apply). When an account is closed, any insurance cover remaining on that account will be cancelled. Refer to the QSuper Accumulation Account Insurance Guide and Super Savings Insurance Guide for information about the limits that apply. Of course, if you are eligible, you can apply, amend, or cancel your cover at any time.

You cannot transfer a Defined Benefit without first closing and moving your benefit into an Accumulation account. You should seek financial advice before deciding to close your Defined Benefit account as there could be an impact on your retirement benefits.

If you have a QSuper Lifetime Pension, your purchase is permanent after the six-month cooling-off period so you will not be able to voluntarily exit the product except in the case of a terminal medical condition. You should seek financial advice before making a decision.

There are a couple of steps you’ll need to follow to do this as you cannot add money directly into these accounts. You can transfer all or some of your money from your Super Savings – Income account to your existing QSuper Accumulation account by completing a Transfer your Super Savings account(s) to your QSuper Accumulation account form.

Once your money is received in to your QSuper Accumulation account, you can then open a QSuper Income account and/or Lifetime Pension via Member Online or by completing the application form at the back of the QSuper Product Disclosure Statement for Income account and Lifetime Pension.

You should seek financial advice before deciding to close these accounts as there could be an impact on your retirement benefits and any Age Pension entitlements.

Yes. Your super will be reinvested on the same day in the investment strategy for future contributions of the account you are transferring to.

You can do this by completing and returning a QSuper account(s) to Super Savings Consolidate your super form or Transfer your Super Savings account(s) to your QSuper Accumulation account form. If you have insurance cover, make sure you leave enough money in your account to pay for your premiums, so it doesn’t get cancelled.

If you transfer your super between your Super Savings and QSuper accounts, you will lose any potential Retirement Bonus that could be payable when starting a Retirement Income account or Lifetime Pension with the super in the account you closed.

Check your potential QSuper Retirement Bonus and your potential Super Savings Retirement Bonus before deciding to transfer money between accounts.

You may wish to claim a tax deduction for personal contributions made to the account that you’re closing prior to the transfer. You can do this via QSuper Member Online for QSuper account holders or Australian Retirement Trust Member Online for Super Savings account holders.