Having 2 or more super accounts means you could be paying multiple sets of fees, including insurance premiums. Not sure if you have insurance? Log in to your account to check.
Paying extra fees unnecessarily might shrink your super balance, leaving you less to retire on.
If you have 2 or more super accounts with us (across Super Savings and QSuper), you may want to choose one account to keep, and transfer all your super into that account (called consolidating).
You can:
Make sure you check what insurance you currently have before consolidating. Insurance cover doesn't transfer automatically, but you can transfer it with our help.
If you're ready now, log in to the account you'd like to keep and follow the steps to consolidate.
Keep my ART account Keep my QSuper account(This'll open a new tab in your browser).
Important:
It's important to consider your circumstances and what's right for you first. You could get financial advice if you're not sure.
If you have 2 or more Super Savings accounts (including a Super Savings - Corporate or Super Savings - Business account), and you want to consolidate, please call us.
Understand what you're paying for, and how much it costs.
Returns for diversified and asset class options are the same for all our accounts. But our default options (Lifecycle and Lifetime) could have different returns.
Check who you’d like to get your super (including insurance benefits) if you die.
Consider whether your timing could lock in an investment loss, or have tax impacts.
If you have a Defined Benefit or Income account, you should get financial advice before deciding to close these accounts as it could impact your retirement benefits and Age Pension entitlements.
These instructions are for consolidating Accumulation accounts only. An Accumulation account is where your super goes (and grows) during your working years. Learn more about super account types.
Complete and email us a Transfer of insurance cover form. Select the ‘Yes’ option in section 3 of the form and we'll attach your QSuper certificate of currency for you. This'll also include details of any loadings or exclusions. If you've signed up to your employer's ART Super Savings – Business or ART Super Savings – Corporate super plan, you'll need to fill out a different form. More details about these arrangements are available on your employer's Australian Retirement Trust microsite.
Wait for us to confirm we've accepted your insurance transfer application before you take the next step.
Complete and email us an Application to transfer my insurance form. In section 2 of the form, there's a checklist. Select the second option “I have attached all pages of a certificate of currency” and we'll attach your ART certificate of currency for you.
Wait for us to confirm we've accepted your insurance transfer application before you take the next step.
If you want to open a new QSuper account in future, you'll need to be eligible.
You might like to get advice about your Super Savings account/s before you get started. For advice about QSuper accounts, visit the QSuper website.
Anyone you've authorised on the account/s you're closing will lose their access. Any authorities you've set up on the account you're keeping will stay active.
Examples of people you might have authorised are your financial adviser, spouse, lawyer, administrator, or guardian.
You can check if you have any authorities on your accounts below.
| Super Savings account | QSuper account |
|---|---|
| Check authorities | Check authorities |
| Add or update authority | Add or update authority |
Insurance cover through your super is designed to give you and your loved ones some financial support if the worst should happen to you. It covers you if you can't work for a period (income protection), if you're permanently disabled (TPD total and permanent disability or TPD cover), or if you die (death cover).
Insurance through super can also form part of your estate when you die, if you make a binding nomination.
If you become disabled or die, you or your beneficiaries might be able to receive a benefit for death and/or TPD/TPD assist on more than one account.
But if you have multiple accounts with the same product (for example, if you had 2 or 3 Super Savings Accumulation accounts), you'd only be entitled to insurance cover from one account. If you have Income Protection cover on more than one account, you might not be able to claim a benefit from both, or the amount you get might be reduced.
Unless you've opted out of insurance or you're ineligible for some other reason, you'll have insurance cover through each superannuation account you hold.
When you're deciding which insurance to keep, check how much you're covered for on each account. You can check your level of insurance in Member Online.
Look at how much it costs. You might have the same level of cover on multiple accounts, but one has cheaper premiums.
You should also look at other terms and conditions like pre-existing exclusions, waiting periods, and benefit periods.
If you don't wait, the insurance cover you have with the account/s you're closing will be cancelled. You'll only need to worry about this if you want to take the insurance you have in one super account with you to a different account.
If you've started an insurance claim on one of your super accounts, you should consider waiting until you have a decision on your claim before you close that account.
There could also be other impacts. Read the ART Super Savings Guide or the QSuper Insurance Guide for more information. Also note that ART Super Savings – Business and ART Super Savings – Corporate accounts have different insurance arrangements to those found in Super Savings accounts. More details about these arrangements are available on your employer's ART microsite.
You can transfer some or all of your insurance cover. Read the ART Super Savings Insurance Guide or the QSuper Insurance Guide for more information. ART Super Savings – Business and ART Super Savings – Corporate accounts have different insurance arrangements to those found in Super Savings accounts. More details about these arrangements are available on your employer's ART microsite.
Don't forget that if you're eligible, you can apply, change, or cancel your cover at any time.
This will stop if you transfer your insurance to another account, or close your account.
You can't transfer a Defined Benefit account without closing it first.
You should seek financial advice before deciding to close a Defined Benefit account, as it could impact your retirement benefits.
You can't consolidate Lifetime Pensions. Lifetime Pensions are permanent after the six-month cooling-off period has passed. That means you won't be able to close a pension except in very limited circumstances.
You'll need to submit a notice of intent to claim a tax deduction in Member Online and wait for us to confirm we've got it before you close your account. Learn more about when you can claim a tax deduction on your super.
If we didn't answer your question, please contact us or call 13 11 84 between 8:00am–7:30pm AEST Monday to Friday.
1. Source: ATO website, Trend towards single accounts at 30 June 2023.
