Should Australian tradies consolidate their super funds?

Australian tradies should generally consolidate super funds to avoid paying multiple administration fees and to maximise compound investment returns. However, you must first verify that closing an account will not cancel valuable default insurance cover, such as Total and Permanent Disability or Income Protection tailored to high-risk trade occupations.

How do I check how many super accounts I have?

Log in to your myGov account linked to the Australian Taxation Office (ATO) to view all active, inactive, and lost superannuation accounts tied to your Tax File Number. The portal displays current balances, fund names, and allows you to initiate an online transfer directly between accounts.

Will I lose my insurance if I consolidate my super?

Yes, closing an existing super fund automatically cancels any default life, Total and Permanent Disability (TPD), or Income Protection policies held within that account. Tradies working in hazardous trades must confirm their new fund accepts blue-collar risk categories before rolling over balances and terminating legacy cover.

How do I roll over super funds into a single account?

You can roll over balances electronically through the ATO service in myGov or directly via your chosen fund's online portal. Enter your member details and Tax File Number, select the accounts to combine, and the transfer will typically process within three to five business days.

What is the current Superannuation Guarantee rate in Australia?

The Superannuation Guarantee rate is 11.5% for the 2024-25 financial year, legislated under ATO rules to increase to 12% on 1 July 2025. Employers must pay this minimum percentage of ordinary time earnings into an eligible employee's nominated or stapled super fund quarterly.

Why would a tradie keep separate super accounts?

A tradie may keep separate super accounts to maintain specialist insurance coverage that is excluded or heavily loaded by other funds. Separate accounts can also preserve defined benefit entitlements or provide access to specific direct investment options not supported by standard industry super funds.

Should I consolidate my super funds or keep them separate?

Consolidate super funds to eliminate duplicate fees and grow your retirement balance, but check your TPD and life insurance cover before transferring via myGov.

Quick answer

Tradies should generally consolidate multiple super funds into one account to eliminate duplicate administration fees and maximise compound returns. However, accounts should remain separate if an existing fund provides vital, trade-rated Total and Permanent Disability or Income Protection insurance that cannot be matched or transferred to the primary fund.

Skill level: General guidance
Time: Varies
Trade: Financial Advice & Wealth
Updated: 4 November 2026

Tools you will need

ATO Online Services via myGov - Account Management Portal
YourSuper Comparison Tool (ATO) - Super Performance Benchmark
AustralianSuper Member Portal - Industry Fund App
Cbus Online Member Portal - Construction Industry Fund App
MoneySmart Superannuation Calculator - ASIC Retirement Projection Tool

Why should tradies consider consolidating their super funds?

Deciding whether to consolidate your superannuation funds is a common question for many Australians. With multiple jobs over a career, it's easy to end up with several super accounts, each potentially incurring fees and holding different insurance policies. Understanding the implications of consolidating can help you make an informed decision about your retirement savings.

What key factors should tradies understand before consolidating super?

Multiple Accounts Mean Multiple Fees: Each super fund typically charges administration fees, investment fees, and potentially other costs. Consolidating can reduce the total amount you pay in fees, allowing more of your money to stay invested and grow. Insurance in Super: Many super funds include default insurance cover (such as Death, Total and Permanent Disability (TPD), and Income Protection). Consolidating could mean losing valuable insurance policies if you don't carefully review them beforehand. Investment Performance and Options: Different super funds offer a range of investment options and varying historical performance. Consolidating allows you to choose the fund and investment strategy that best aligns with your risk tolerance and retirement goals. Lost and Unclaimed Super: The Australian Taxation Office (ATO) holds billions in lost and unclaimed super. Consolidating can help you track down and combine these amounts into one active account. Simplicity and Administration: Having a single super account can make it easier to track your balance, review statements, and manage your superannuation affairs.

What would a superannuation specialist review for a tradie considering consolidation?
Your Existing Insurance Policies: A specialist would meticulously review the type, level, cost, and terms of any insurance cover you hold across all your super funds to ensure you don't inadvertently lose essential protection. Fee Structures of Each Fund: They would compare the administration, investment, and other fees charged by your current funds versus potential consolidated options, calculating the real impact on your long-term savings. Investment Performance and Risk Profile: An adviser would assess the historical performance and investment options of your current funds against your personal risk tolerance and retirement objectives to recommend a suitable consolidated strategy. Employer Contributions and Fund Choice: They would consider if your current employer has a preferred fund and how consolidating might impact future contributions. Your Overall Financial Plan: Superannuation consolidation is often part of a broader financial strategy. A specialist would look at how this decision fits into your complete financial picture, including other investments, debts, and future goals.

Common Costly Mistakes

Cancelling Valuable Insurance: Consolidating without checking your existing insurance policies can lead to losing essential cover, which may be difficult or more expensive to replace, especially if your health has changed. Ignoring Exit Fees: Some older super funds might charge exit fees, which could erode some of the benefits of consolidating. Choosing a Fund Based Solely on Lowest Fees: While fees are important, a fund's investment performance, insurance offerings, and services should also be considered. The cheapest fund isn't always the best fit. Not Tracking Down All Super: Failing to identify and consolidate all your super accounts, including any lost super held by the ATO, means you could still be paying multiple sets of fees unnecessarily.

When To Get Professional Help

If you have multiple super accounts, are unsure about your insurance needs, or want to ensure your super strategy aligns with your broader financial goals, seeking professional advice is highly recommended. The complexities of insurance, fees, and investment choices can have significant long-term impacts.

Talk To A Specialist

Navigating superannuation consolidation can be complex, with potential benefits and pitfalls. For a clear understanding of how consolidation could impact your unique financial situation, consider speaking with a qualified financial adviser. They can help you weigh your options and make an informed decision. Book a free financial advice chat today: /finance/enquire?service=advice

Frequently Asked Questions

How do I find out if I have multiple super funds?

You can easily check for all your super accounts, including any lost super, by logging into your MyGov account and linking it to the ATO. This will show you a comprehensive list of all super funds associated with your Tax File Number (TFN).

Will consolidating my super affect my insurance?

Yes, consolidating your super can definitely affect your insurance. When you close a super account, any insurance policies held within that fund are typically cancelled. It's crucial to review your existing policies and understand what cover you might lose before consolidating.

Is it always better to consolidate super?

Not always. While consolidating often reduces fees and simplifies management, it's not universally the best option. Factors like unique insurance policies, specific investment options, or even certain legacy benefits in older funds might make keeping separate accounts more advantageous in some specific circumstances.

How do I consolidate my super?

Once you've decided to consolidate, you can typically do so directly through your chosen super fund's online portal or by filling out a form. They will usually handle the transfer of funds from your other accounts. You can also use the ATO's online services via MyGov to transfer super.

Important — General Information Only

This information is general in nature and intended for educational purposes only. It does not constitute personal financial advice and has been prepared without taking into account your individual objectives, financial situation, or needs. Before making any financial decisions, you should consider your personal circumstances and seek advice from a licensed financial adviser who holds an Australian Financial Services (AFS) licence, as required by ASIC. All investing carries risk, and past performance is not indicative of future returns.

Frequently asked questions

Should Australian tradies consolidate their super funds?: Australian tradies should generally consolidate super funds to avoid paying multiple administration fees and to maximise compound investment returns. However, you must first verify that closing an account will not cancel valuable default insurance cover, such as Total and Permanent Disability or Income Protection tailored to high-risk trade occupations.
How do I check how many super accounts I have?: Log in to your myGov account linked to the Australian Taxation Office (ATO) to view all active, inactive, and lost superannuation accounts tied to your Tax File Number. The portal displays current balances, fund names, and allows you to initiate an online transfer directly between accounts.
Will I lose my insurance if I consolidate my super?: Yes, closing an existing super fund automatically cancels any default life, Total and Permanent Disability (TPD), or Income Protection policies held within that account. Tradies working in hazardous trades must confirm their new fund accepts blue-collar risk categories before rolling over balances and terminating legacy cover.
How do I roll over super funds into a single account?: You can roll over balances electronically through the ATO service in myGov or directly via your chosen fund's online portal. Enter your member details and Tax File Number, select the accounts to combine, and the transfer will typically process within three to five business days.
What is the current Superannuation Guarantee rate in Australia?: The Superannuation Guarantee rate is 11.5% for the 2024-25 financial year, legislated under ATO rules to increase to 12% on 1 July 2025. Employers must pay this minimum percentage of ordinary time earnings into an eligible employee's nominated or stapled super fund quarterly.
Why would a tradie keep separate super accounts?: A tradie may keep separate super accounts to maintain specialist insurance coverage that is excluded or heavily loaded by other funds. Separate accounts can also preserve defined benefit entitlements or provide access to specific direct investment options not supported by standard industry super funds.

Written by Compass, the Financial Advice & Wealth specialist at Aus.Tools.