It's easy to consolidate your super

With our online consolidation tool, consolidating your super just got quicker and easier. There are no forms, no paperwork, and no postage. Too easy!

To combine your super with REST, you just need to login or register on MemberAccess and click the consolidate super tab. You'll just need 2 minutes^ and 2 bits of information:

  • 1. the names of your other super funds
  • 2. the membership numbers
And we'll do the rest for you.

^ It may take a bit longer if you haven't previously registered on MemberAccess
Hammock

You can consolidate your super using your phone, tablet or desktop. It's simple!
Money consolidate picture

Why consolidate?

If you've been working for a while, chances are that you have more than one super account. This could mean you're paying multiple fees, which over time can add up to thousands of dollars! By consolidating your super into the one account, you'll find it easier to manage and grow your retirement savings through savings on multiple fees.

What are the benefits?

  • Your super is much easier to keep track of and manage
  • You pay less in fees, saving you potentially hundreds of dollars a year
  • No more lost super accounts.

Things to think about

Before combining your super you should check how it might affect your insurance in your other funds and if they have any exit fees. If you have any questions we recommend you have a chat with a financial adviser.

How Jenny grew her super by consolidating

Jenny and George both have super of $30,000. Both receive employer super contributions of $5,000 per annum. Jenny recently consolidated her superannuation into one fund, which charges an administration fee of $10 per month, plus asset-based management and investment fees which total 0.8% p.a.

What's the difference?

George's superannuation is divided between five different funds. His employer contributions are paid into the same fund as Jenny's. As George has recently changed jobs, his current balance in this fund is $0, and his $30,000 super is spread over four super funds, each charging the same fee as Jenny's fund.

What's the outcome?

Over 30 years, of employer super contributions only, Jenny's superannuation balance grows to $225,000 (in today's $) compared to George's balance of just $205,400.

A difference of $19,600, simply because Jenny consolidated her super into one fund.

Jenny's graph George's graph

This comparison is an illustration only and does not constitute financial advice. Individual results will vary depending on the particular fees charged by various super funds. Before making decisions about consolidation, members should check if they would lose insurance cover which they currently have in other funds and would prefer to keep. Members should consider all applicable fees, including any exit fees, and should assess their own financial situation including their objectives and needs and consider seeking financial advice before making any final decisions.

This case study illustrates how consolidating super into a single fund can help save on fees.
Assumptions:
Situation: Employer contributions of $5,000 p.a. in the first year increasing with wage inflation. Wage inflation of 3.5% p.a., which is 1% above the mid-point of the Reserve Bank of Australia's target for consumer price inflation. Tax: Current tax and superannuation laws remain unchanged. Employer contributions are taxed at 15.0% and assumed investment earnings are taxed at an average rate of 10.0% p.a. Investment: Assumed investment earnings are 5.7% p.a. net of all asset-based fees and tax. Fees:
 Allowance is made for fees in each super fund of $120 p.a. administration fee (note that REST Super's current fees are less than this amount, please refer to the most recent PDS for current details) and 0.80% p.a. asset-based fees (including all asset-based administration and investment management fees). Dollar-based fees increase each year in line with wage inflation. No allowance is made for insurance premiums. General: The projection starts from 1 July 2015 and figures are expressed in terms of current purchasing power, i.e. figures take into account assumed future changes in the cost of living. Past performance is not indicative of future performance. Even a small change in the rate of return could have a significant impact on the figures shown. This case study assumes the same fees are charged across all of George's funds, as in Jenny's fund. Fees may not be payable on small balances. Some super funds charge exit fees if you decide to roll money out of their fund. These costs may end up being higher than any fee savings you might achieve through consolidation. The benefits of consolidation may be reduced if the fees involved are lower than those assumed in this case study. Fees are only one factor to consider. Transferring your money out of a fund could also impact the level of insurance cover or other benefits you have in that fund and you lose that insurance cover and/or may not be able to obtain the same cover in your new fund. In some cases you may be able to transfer insurance cover between funds. These assumptions have been approved by Rice Warner Pty Ltd, September 2015.