How to change or switch super funds

Changing your super can be simpler than it sounds. But when people talk about “changing”, they’re often talking about two very different actions. For some, it’s about consolidation, bringing multiple super accounts together into one place. For others, it’s a full switch, moving their super to a different fund altogether. 

They may sound similar, but the steps, costs and checks can be quite different. 

Consolidating your super is simply bringing two or more of your existing super accounts together into one. You’re not necessarily switching providers, you’re just bringing everything into one place, so your retirement savings aren’t spread across multiple accounts. 

Every super account usually comes with its own admin fees, and often insurance premiums too. If you have multiple accounts, you could be paying those costs more than once. Over time, that can quietly eat into your super balance. 

Consolidating your super means one set of fees, one statement and one balance to stay on top of, making it easier to see where you stand and stay in control of your retirement savings. 

Switching super simply means moving your super from one fund to another. People usually switch because they’re looking for different investment options, a better‑suited fee structure, or a fund that feels more aligned to their financial future. In most cases, you’ll open an account with the new fund and roll your balance across. 

You can also switch and consolidate at the same time. Many people choose a new fund and roll all their existing super accounts into it. Just keep in mind that you could be giving up insurance cover linked to your old fund, so it’s worth checking what you have before you make a move. 

A quick way to tell them apart: 

Taking a moment to compare your options now can help you avoid costly surprises down the track. Here are a few key things worth checking before you make a change. 

When you leave a fund, your investments are usually sold so the balance can be transferred as cash. This may trigger a buy/sell spread, a small cost built into the price of buying and selling investments. Some funds may also charge other exit‑related costs. 

There’s also often a short period where your money sits in cash during the transfer. That means it’s temporarily out of the market, and it won’t rise or fall with market movements during that time. 

Comparing super funds? There’s more to the story than one headline number. Two things really matter when you’re comparing funds: 

• Fees - including administration fees, investment fees and any insurance premiums. Lower fees can help over time, but what matters most is understanding exactly what you’re paying for. 
• Investment performance - always compare like‑for‑like options over the same timeframes. And remember, past performance isn’t a reliable indicator of future returns. 

Comparing a single year, or mixing conservative and growth options, can give you the wrong picture. A longer‑term view of comparable options gives a clearer sense of how a fund performs. See how CFS super compares.  

When you’re working, your employer pays your compulsory super into a fund you nominate. Before you switch, check your new fund can accept employer contributions. Then share the new fund details with your employer so your money lands where it should. If you skip this step, your employer may keep paying into your old account, leaving you with two super accounts again. 

If you want to combine accounts you already hold, follow these simple steps. 

• Step 1: Find your super (including lost super)
  If you already have a CFS super account, find out more about how to consolidate your super. You can also use myGov to see every super account reported under your tax file number in one place, including any lost or ATO-held super you may have forgotten about from old jobs.  
• Step 2: Decide which fund to keep
  Compare your accounts on the things that matter. Fees, investment options, investment performance, and insurance cover. Choose the fund that you want to keep and consolidate into.  
• Step 3: Roll over the other accounts 
  If you are consolidating into a CFS account you already hold, login to Firstnet to start the process. Otherwise, you can consolidate your accounts directly through myGov.  
• Step 4: Confirm and notify your employer
  Check that the balances have arrived in your account. Don’t forget to give your employer that fund’s details so all future Super Guarantee contributions go to the one place.  

Switching super funds follows many of the same steps as consolidation, with a few extra things to think through.  

• Step 1: Choose your new fund and compare it properly
  Compare each fund on fees, investment options and investment performance over comparable periods. See how CFS super compares. 
• Step 2: Check your insurance
  Before you do anything, confirm what insurance you hold in your current fund and what you’d have in the new one. Make sure you’re covered in your new fund before closing your old account. Don’t leave yourself with a gap.  
• Step 3: Open a new account
  Open your account with the new fund. Most funds let you do this online. Explore CFS super and open an account in just a few minutes.  
• Step 4: Complete the rollover
  Tell your new fund which account or accounts you want to move across, and they’ll take care of the rollover, the official transfer of your super balance between funds. You can usually get started straight away through your new fund’s online portal. If you’re switching to CFS, login to Firstnet to start the process. 
• Step 5: Give your new fund details to your employer
  Share your new fund’s name, ABN, USI and your member number so future compulsory contributions go straight into your new account. If you’ve switched to CFS, check our notify employer page for more details. Once your rollover lands and contributions are redirected, your switch is complete. 

Once you’ve submitted your request with the right details, changing or consolidating your super is usually quick, often wrapped up within a few business days. Timing can vary slightly, as both funds need to process the transfer and confirm your identity.  

A few practical things to keep in mind: 

• During the transfer, there may be a short period where your balance sits in cash rather than being invested. 
• Updating your employer contributions can take a pay cycle or two to flow through, so it’s worth checking your balance and contributions after the change. 

There’s no need to rush the decision. Take the time to do your checks, and when you’re ready, the process itself is straightforward and fast.