Stapling – how to take your super from job to job

If you've changed jobs multiple times over your working life, you may have multiple super accounts with different funds, all charging separate fees and insurance premiums.

In fact, 27% of Australians have more than one super fund. Every year, about 1.6 million people change jobs and 470,000 people enter the workforce for the first time. This leads to approximately 850,000 duplicate accounts being created¹.

From 1 November 2021, the government’s new reforms will help reduce duplicate accounts across the industry.

What is super stapling?

To help reduce duplicate super accounts,  the government has introduced a system where you will keep your existing super fund when you change jobs – the super account will be ’stapled' to you. This super account will follow you from job to job. If you have more than one account, the ATO will decide which account you are stapled to (usually the one that last received a contribution or has the highest account balance).

What are some of the benefits?

In addition to saving on fees, there are some other great benefits of having one super account.​

• Easier to keep track of your super

• Continuing the insurance cover you have. This can often be a very important consideration because as we get older, suffer any poor health or illnesses, or our circumstances change, arranging new insurance may be more difficult, and can sometimes be more expensive. ​

   

Things to consider

As mentioned, the legislation is designed to prevent unnecessary new accounts from being created
when you change jobs. If you think you may have more super accounts than you need, you might want to think about whether consolidating them into one account is right for you and consider the following:

1. Check any costs from withdrawing from your other accounts

2. Consider whether the insurance in your chosen super account​ is appropriate for you.

3. Check if you have any special arrangements or have a defined benefit fund with benefits that will be lost if the account is closed. ​

​You may have valid reasons as to why you may have more than one super account, which is completely OK, as it is your retirement savings and you are in control.​

Next Steps

To find out if you have more than one super account, you can check via the my.gov.au website. Select the Australian Taxation Office tab and look for superannuation in the drop down menu.

 If you'd like to talk to somebody who can provide you with advice, please speak with your financial adviser. If you don't have one, you can use our Find an adviser site to find an adviser near you. 

Australian Government, Your Future, Your Super 'Reforms to make your super  work harder for you' October 2020 treasury.gov.au https://treasury.gov.au/sites/default/files/2020-10/p2020-super_0.pdf. 

You can choose a new fund if you are entitled to choice.  Your employer is permitted to reject your choice if you have chosen a fund for within the last 12 months.