Key takeaways
- Once you've chosen a new super fund, switching is a quick process that can be done completely online.
- Your new super fund will do most of the heavy lifting for you, all you need to do is fill out a form.
- Don't forget to update your employer with your new fund details.
Step 1: Choose a new super fund
Look for a combination of low annual fees (ideally less then 1% of your balance), high long-term returns (look at 10-year performance) and an investment strategy you understand and agree with. If you'd like a bit of help choosing, take a look at our best super fund picks.
Step 2: Join the new super fund
Download the new membership form from the fund's website, which will ask you for the following details:
- Your personal details. This includes your full name, residential address, contact information and Tax File Number.
- Your employer's information. This includes the business name, address and ABN.
- The insurance cover you'd like to include. Most funds will include automatic default death and TPD cover, but you can choose to add income protection cover, or you can opt out of all cover if you don't think you'll need it.
- Your nominated beneficiaries. This is who your super will go to in the event of your death.
Once you've joined the fund as a member you'll be able to update your investment option, if you don't want to stay with the default option. You can switch investment options at any time.

"Before you switch funds, check if you've got any additional super funds open in your name you might have forgotten about. Just log into your myGov account online and click on the "Super" tab to see a list of funds in your name. You may choose to keep one of these funds instead of opening a new one."
Step 3: Transfer your existing super
Once you've completed the new membership form, there will be another form asking if you have any super you want to transfer over. You'll be asked to provide the following details:
- Your existing fund's name and contact number
- The fund's ABN and USI numbers (you'll find these on your fund's website or on your last account statement)
- Your membership number and/or account number
The new membership form will have the details of where to send the completed form. Once you've submitted this, your new super fund will take care of the rest for you. If you've got more than 1 fund you'll need to submit separate forms for each.
Step 4: Tell your employer
You'll find another form (yes, another form) on your new fund's website called "Employee super choice form" or "Pay my super into XYZ Fund". It'll be pre-filled with the details that your employer needs. Add your name and membership number, and give this form to your employer so they can start paying your super into your new fund. Don't worry, you can download and send this via email - no need to print off a paper copy.
Ready to compare? Choose a new super fund.
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these ):
The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending December 2024
Pros and cons of switching super funds
Pros
- Quick and easy. It's a relatively straightforward process to change funds.
- Potential to save. If you switch to a fund with lower fees and better long-term performance you have the potential to save thousands of dollars for your retirement.
- Find lost super. In the switching process you might find some old super funds you can consolidate to save on fees. Research has found around a third of super accounts are unintended multiple accounts.
Cons
- Some paperwork. No-one enjoys paperwork, and there are a few forms to fill out.
- Change in insurance. You'll lose your previous insurance cover and the it may be difficult to get the same level of cover with a new fund.
- Switch regret. If you're switching funds based off a single years' performance returns you may end up regretting your decision the following year. Make sure to only look at long-term performance when making a decision to switch.
Finder survey: Which super fund are Australians with?
Response | |
---|---|
AustralianSuper | 23.92% |
Other | 23.82% |
Australian Retirement Trust | 8.17% |
Retail Employees Superannuation Trust | 7.48% |
HESTA | 6.89% |
HOSTPLUS Superannuation Fund | 5.81% |
AMP Super Fund | 5.22% |
Aware Super | 5.22% |
Unisuper | 3.74% |
Colonial First State FirstChoice Superannuation Trust | 2.85% |
MLC Super Fund | 2.17% |
Mercer Super Trust | 1.48% |
Spirit Super | 1.38% |
Care Super | 0.98% |
Construction and Building Unions Superannuation Fund (CBUS) | 0.69% |
Retirement Wrap | 0.1% |
Wealth Personal Superannuation and Pension Fund | 0.1% |
The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending December 2024
Frequently asked questions
Ryan is the founder and CEO at Tribeca Financial, a financial advice firm that listens, learns and then gets you on track. He's an accomplished financial advisor and financial wellbeing coach with over 15 years of experience.
Ask a question
2 Responses
More guides on Finder
-
Superannuation statistics 2024
There are 24.4 million super accounts in Australia with assets totalling $3.9 trillion. Find out the latest superannuation statistics.
-
Best super funds Australia – 5 expert picks
We've analysed Australian super funds to find the best-performing super funds, the best industry super funds and the best super fund for low fees. Find the right super fund for you.
-
Superannuation investment options
Here’s how to choose between the different investment options offered by your super fund, including balanced, growth and ethical options.
-
Australian Retirement Trust | Performance, features and fees
Sunsuper is an industry super fund that meets your needs as you move through the workforce and transition into retirement.
-
How do I find my lost superannuation?
If you've held a super fund for a while, you may have lost super that you don't even know about. Read on to find out how to recover your lost super.
-
How to choose a super fund
Unsure which super fund to choose? Here's what to look for when choosing your own super fund to ensure it's the best one for you.
-
Retail super funds
Here's how retail super funds work and how they compare to industry super funds. Compare retail super funds here and find the best one for your needs.
-
CareSuper: Performance, features and fees
CareSuper is an industry super fund. Learn about MySuper and retirement pension products from CareSuper.
-
What is a retirement savings account?
Here's how retirement savings accounts work and how to compare your options.
-
Best superannuation for under 18s
When you start your first job you'll need to open a bank account, a super fund and understand what your tax obligations are.
I am retired from the workforce and receive a part age pension from Centrelink, can I still move my existing super to a better performing provider?
Hi Kev,
Yes, you can think about your superannuation fund as if it’s a bank account – you are a customer and you can move your fund to a different provider whenever you like.
Hope this helps!