Super easy

Once upon a time it was hard work consolidating multiple super fund accounts, but now it is a quick and easy process that can be completed online.

Merging your super into one preferred account can bring significant savings when you consider the number of years you would otherwise pay multiple administration fees and insurance premiums. Australian

Prudential and Regulation Authority (APRA) research shows the median figure for fees and charges paid by Australians for a low-cost superannuation account is $532 per year.

To consolidate your super online, create or log into your MyGov account and link the Australian Taxation Office (ATO) to your account portal.

Go to the Super tab and from there you can view all the super you have accrued throughout your working life, including details of any super the ATO is holding on your behalf.

With a few clicks you can transfer your super and combine multiple accounts. The transfer process usually takes a few minutes and transactions will generally be processed within three working days.

Before you consolidate, check that your employer can contribute to your chosen fund and whether you will be charged a termination fee. Also take a look at what level of insurance your fund provides and speak to your financial planner about taking out additional insurance to cover the shortfall.