Changing jobs: what you need to know about super

3 min read

Whether you're starting a new business venture, changing career direction or simply moving up the corporate ladder, changing jobs can be an exciting and busy time in your life.

It's also the ideal time to get moving and review your super.

If you are an employee, your new employer will make super contributions for you, usually to a fund of your choice. Right now an employer contributes 9.5% of your salary.

Making a choice

Changing jobs is the main reason people end up with multiple super accounts and potentially lost super. But changing jobs does not mean you actually have to change your super account too.

The majority of Australians can choose which super account their employer will pay contributions into. However, if you don’t make a choice, your employer will pay them into their default fund.

When you start your new job, you should receive a standard choice form from your employer. You can use this form to let your employer know where to pay your super contributions and ensure all your super is where you want it to be.

One super fund throughout your working life

Some of the potential advantages of consolidating your super into one account may include:

1. Avoid duplicate fees

With only one super account, you will avoid paying multiple sets of admin fees. This potential saving may help to grow your super balance for the future.

2. Streamlined and easy to monitor

Having just one super account can also mean less statements, reports, and charges, so you’ll have less administration to deal with and make it easier to track how your super is performing.

3. Easier management

By combining all your super into one account, it can be easier to manage your investment mix and ensure your super stays on-track to meet your long-term financial goals.

Find your super

If you've changed jobs in the past, but not consolidated your super accounts, you may have lost track of some of your super. At BT, our Super Specialists can help you find other super you may have and help you to consolidate it into your BT Super account.

However, it's important to note that super funds have different rules and conditions when moving your money to another fund. You should contact your super fund to find out if there are any fees or costs for moving your super or other loss of benefits such as insurance.

Need help?

Since 1969, BT has helped thousands of Australians manage their super. We can help you too. Call us on 132 135 today so we can help you find other super you may have, consolidate your super into your BT Super account or set up a BT Super for Life account for you that you can view alongside your online banking so you can watch your super grow. .

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The information is current as at 19/11/2015.

This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.

BT Funds Management Limited ABN 63 002 916 458, AFSL No. 233724, RSE No. L000109 (BTFM) is the trustee and issuer of interests in BT Super for Life which is a part of Retirement Wrap ABN 39 827 542 991, RSE R1001327. A Product Disclosure Statement (PDS) is available for BT Super for Life and can be obtained by calling 132 135, or visiting You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in BT Super for Life.

There is no charge for accepting any rollovers, however before requesting the rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits.

There may be limited circumstances where your employer is not required to accept your Choice of Superannuation fund form e.g. if you have already exercised Super Choice in the last 12 months.