Consolidate your super
Having all your super in one place can help you save on fees and make it easier to manage.
One CFS account means one set of fees
If you have super in more than one fund, consolidating into a single CFS account can make things simpler. You’ll have one set of fees, one login, and one investment strategy to manage. You can start the process through FirstNet, no paperwork required.
Before you consolidate, consider your insurance cover, any fees that may apply from your other super fund, and where your employer contributions are being paid.
Why consolidate your super
Having multiple super accounts can mean paying multiple sets of fees and duplicate insurance premiums. Consolidating your super can help you:
- Pay one set of administration fees instead of several
- See your full balance in one place
- Simplify your investment choices and beneficiary nominations
- Reduce paperwork and track performance more easily
- Direct employer contributions to a single account
Read the next section before you start.
What to check before you consolidate
Consolidating your super is straightforward, but closing an old account can have impacts. Check these four things first.
Insurance cover you may lose
Many super accounts include default insurance including life, total and permanent disability (TPD), and income protection. Closing an old account usually cancels this cover.
If you rely on it, check whether the same level of cover is available in your CFS account before you consolidate, or keep your old account until your new cover is confirmed. See Insurance in super.
Fees and costs on the transfer
The super fund you’re transferring from may have fees or costs that apply when you roll out. There may also be tax implications for any untaxed components. Check your old fund's PDS or contact them before you consolidate.
If you have an SMSF or defined benefit fund, it’s best to speak to a financial adviser before consolidating these type of accounts because they have special conditions that can be complicated.
Employer contributions going to your old fund
If your employer is still paying super into the fund you're closing, contributions may reopen the account or bounce back. Before closing your old fund, make sure your employer has your CFS account details. See Notify your employer.
Investment performance and fees
Compare the investment options, performance and fees of your existing fund against CFS. See Super performance and Compare super funds.
How to consolidate your super with CFS
Log in to FirstNet or the CFS app
The fastest way to consolidate is to log in to FirstNet or the CFS app using your Member ID (OIN) and password. If you’ve forgotten your details, you can retrieve them by following the online prompts.
Start the rollover
In FirstNet, select ‘Consolidate super’ or ‘Find your super’ and follow the prompts. If you’re using the CFS mobile app, go to the ‘Account’ tab and select ‘Consolidate my super’, then follow the prompts.
Confirm and track
Choose whether you want to consolidate all your super accounts or just some of them. Once the rollover is complete, the balance will be invested according to your current investment strategy.
Find lost or unclaimed super
Many people have super they’ve lost track of over the years. It can happen when you move house, change jobs, or if your super fund doesn’t have your correct contact details. The good news is your super isn’t gone for good.
Lost super is generally held by the super fund until they get in contact with you. If a fund has lost contact with you, or no contributions have been received for five years, your balance may be transferred to the ATO as unclaimed super.
You can check for lost or unclaimed super by logging in to the ATO online services through myGov. Alternatively, CFS can help locate it as part of the consolidation process, and any unclaimed super can be rolled into your CFS account at the same time.
How long does super consolidation take?
If you’re rolling over into a CFS account using FirstNet, your super will usually be processed within three business days once the other fund has received all required information and your investments have been redeemed.
Manual rollovers or rollovers from self-managed super funds (SMSFs) may take longer.
We’ll notify you once the rollover is complete and your super has arrived in your CFS account.
Frequently asked questions
Yes. You can consolidate through FirstNet or the CFS mobile app by following the steps to consolidate your super. No paperwork is required for electronic rollovers.
You can, if your old account included insurance. Closing the account usually cancels the cover. Before you consolidate, check the insurance you have and what's available through CFS. Or keep the old account open until new cover is in place.
Most electronic rollovers clear within 3 business days of the receiving fund processing the request. Rollovers from SMSFs or older funds with paper-based systems can take longer.
No. CFS doesn't charge a fee to accept a rollover into your account. However, fees or other costs may apply when closing your existing super fund. Check your old fund’s PDS before you consolidate.
Your tax file number (TFN) stays with your CFS account. Employer contributions will only be paid to your CFS account once your employer has your CFS account details. Make sure you notify your employer as soon as the rollover is complete. See Notify your employer.
Disclaimer
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.