Be a one-fund payer
Having one super fund means less life admin, but most importantly it means you aren’t paying multiple sets of fees to different funds, eating away at your overall super balance.
If you think your super might already be split across several funds you should consider consolidating your super into one fund, so your super can grow as much as possible.
What happens if I don’t take my super with me?
Your employer is meant to check with the ATO to see whether you already have a super fund and if you do, they should automatically pay your super into your existing fund. This is called super stapling.
Just so you’re in the know, stapling came into effect on 1 November 2021. Don't worry, it's not as complicated as it sounds! Essentially, stapling means that all Australian employees are now linked, or 'stapled,' to one super fund unless you choose to switch to a different one. This rule only applies to you if you started working at your company on or after November 1, 2021. Your new employer may instead suggest that you join their default fund. But don’t forget it’s up to you where your super goes, so it’s always best to complete a Choice of Fund form. You have the power!
