What is consolidation?

One of the biggest advantages of combining your super accounts is the potential savings in fees (e.g. administration fees). Generally, the larger your super account balance the smaller the proportion of fees you’re charged for that account. So if you’re paying fees on multiple accounts with smaller balances, you can reduce the amount of fees you pay by reducing the number of super funds you have and increasing the balance of your chosen fund at the same time.

Another advantage of consolidating your super is less paperwork. Having one super account means you only have one set of paperwork to manage. This could make it easier to keep on top of your super and understand exactly how it’s performing.

Consolidating your super is not just about saving money in fees, it’s also about giving your super the potential to really grow. With the power of compounding returns, the money you save in fees could really help grow your super balance. It also reduces the likelihood of you ending up with lost super in the long run.

The case for consolidation, a difference that's really worth treasuring.

This case study shows you how simple it is to seek out all your super funds and put them into a single fund. This could potentially add thousands to your super balance at retirement.

Here's a hypotheticial example of how:

  • Jenny has one super fund with a balance of $10,000.
  • George has 5 super funds, each with $2,000.
  • They both pay an annual administration fee of $5 per month for each fund.
  • Over 30 years, Jenny's super balance grows to $93,830 compared to George's balance of just $66,642.

A difference of $27,188 over 30 years, simply because Jenny decided to consolidate1.

Things to be aware of before moving your money

There are some things you should consider before you move money out of a super fund.

Firstly, although BT super funds generally don’t charge exit fees*, some super funds do. This means you could incur withdrawal or exit fees for moving your money out of these funds. Depending on the number of super accounts you currently have, your exit costs could end up being higher than your total savings in administration fees.

Secondly, your decision to move money out of a super fund could impact the level of insurance cover or other benefits you had with that fund. For example it’s possible your insurance cover could be discontinued when you move between funds, or you may not be able to obtain equivalent cover in the new fund.

We recommend you check any exit fees that may be payable to your other fund(s), and any insurance cover you may have that cannot be replicated, before making the decision to move.

*Please note, if you are invested in a BT Super Fund nil entry fee option, there may be an exit fee applicable.

How do I consolidate my super?

With BT, consolidating your super is easy. Just pick one of the following options:

  • Use BT’s Easy Rollover Tool to consolidate your super online. This Tool creates all the forms you need to consolidate or move your super into BT. Just print the forms, sign and send them to your other super provider(s) with proof of ID.

  • BT Super for Life - if you have multiple super funds, our online rollover service makes it easy to consolidate them into your new BT Super for Life account. Login to internet banking:

    Select your super account and follow the consolidate links

  • Complete the ‘Request to Transfer’ form relevant to your BT super account.

    BT Lifetime Super - Employer Plan Request to Transfer (PDF 112KB)

    BT Business Super Request to Transfer (PDF 82KB)

    Complete a request to transfer form for each fund you wish to combine into your BT super account. Then send the form(s) to BT with proof of ID* and we’ll take care of it for you.

Doing what’s best for you, and your super

There are new rules designed to keep super safe from money laundering and terrorism-financing for all Australians. This means proof of identity is required to move money around the super system. It’s a small extra step in the process to protect your money.

Proof of identity can be as simple as a certified copy of your driver’s licence or passport. If you don’t have either of these documents, call BT on 132 135 and we can help. There are other documents that can be certified as proof of identity.

* Example based on annual returns of 8%p.a. reinvested. No allowances have been made for inflation or taxation. This assumes that the only fees paid by the member are administration fees of $60p.a. and doesn't take into consideration any additional contributions made to any funds.

For most BT Funds there is no charge for accepting rollovers; however some funds may charge fees for accepting rollovers. Therefore you should check the relevant fund PDS to see whether any rollover fees will apply. You should also check with your other fund/s to determine whether there are any exit fees for moving your benefits, or other loss of benefits (e.g. insurance cover).

BT Funds Management Limited (BTFM) ABN 63 002 916 458, AFSL No. 233724, RSE No. L0001090 (BTFM) is the Trustee of BT Super for Life which is a part of Retirement Wrap ABN 39 827 542 991, RSE No. R1001327 and is the issuer of interests in BT Super for Life. A Product Disclosure Statement (PDS) for BT Super for Life and BTFM’s Financial Services Guide (FSG) can be obtained by calling 1300 653 553 or by visiting www.bt.com.au. You should obtain and consider the PDS and FSG before deciding whether to acquire, continue to hold or dispose of interests in BT Super for Life.

BT Funds Management Limited ABN 63 002 916 458 is the trustee of BT Lifetime Super – Employer Plan ABN 39 827 542 991 and is the issuer of interest in the fund. A Product Disclosure Statement is available for the fund and can be obtained by calling 132 135 or by visiting www.bt.com.au. You should obtain the PDS before deciding whether to acquire, continue to hold or dispose of interests in the fund.

Westpac Securities Administration Limited ABN 77 000 049 472 is the trustee of BT Business Super ABN 81 236 903 448 and is the issuer of interest in the fund. A Product Disclosure Statement is available for the fund and can be obtained by calling 132 135 or by visiting www.bt.com.au. You should obtain the PDS before deciding whether to acquire, continue to hold or dispose of interests in the fund.