What is super consolidation?

One of the biggest advantages of combining your super accounts is the potential savings in fees (e.g. administration fees). If you’re paying fees on multiple accounts, you can reduce the amount of fees you pay by reducing the number of super funds you have.

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 help grow your super balance. It could also reduce the likelihood of you ending up with lost super in the long run if you remain an active member of only one fund as opposed to having balances in multiple funds that may be administratively hard to manage.

Things to check 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 any 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. Refer to the Product Disclosure Document for the relevant BT super product on the Documents and Downloads page.

How do I consolidate my super?

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

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.

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).

Information current as at 28 June 2017. BT Funds Management Limited (BTFM) ABN 63 002 916 458, AFSL No. 233724, RSE No. L0001090 (BTFM) is the trustee of and issuer of interests in BT Super for Life which is a part of Retirement Wrap ABN 39 827 542 991, RSE No. R1001327 (Retirement Wrap). 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 on the Documents and Downloads page. 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 and issuer of interests in BT Lifetime Super – Employer Plan ABN 39 827 542 991 which is a part of Retirement Wrap. A Product Disclosure Statement is available for the fund and can be obtained by calling 132 135 or on the Documents and Downloads page. You should obtain the PDS before deciding whether to acquire, continue to hold or dispose of interests in BT Lifetime Super – Employer Plan. 

Westpac Securities Administration Limited ABN 77 000 049 472 is the trustee of and issuer of interests in BT Business Super ABN 81 236 903 448, which is part of Westpac MasterTrust Fund ABN 81 236 903 48 and RSE No. R1003970. A Product Disclosure Statement is available for the fund and can be obtained by calling 132 135 or on the Documents and Downloads page. You should obtain the PDS before deciding whether to acquire, continue to hold or dispose of interests in BT Business Super. 

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

Superannuation is a means of saving for retirement, which is, in part, compulsory. The government has placed restrictions on when you can access your investment held in superannuation. The Government has set caps on the amount of money that you can add to superannuation each year on both a concessional and non-concessional tax basis.  There will be tax consequences if you breach these caps.  For more detail, speak with a financial adviser or visit the ATO website.