New job, same super

26 September 2023

Career conversationsSuperannuation

Starting a new job is an exciting, challenging and sometimes confusing time, especially if you’ve recently returned to the workforce after a break. Working out what this means for your super is just one piece of the puzzle!

One thing many people don’t realise is that your super account doesn’t necessarily automatically follow you from job to job. So, we’re here to help explain what you need to know when it comes to getting a new job but staying with the same super fund.

What does happen when you start a new job?

Technically, 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. sometimes employers instead suggest that you join their default fund or hand you a Choice of Fund form without really explaining your options clearly.

If you want to keep the account you already have, you’ll need to fill out this form with your existing fund’s details, otherwise your new employer may open another account for you with a different fund.

Why is keeping the same super account important?

It’s important to remember that super is YOUR money, regardless of where you work. So, when you change jobs, it is important not to forget about the money you’ve previously earned - you worked hard for it!

There are lots of great reasons to keep all of your super in the one account and fund – but the biggest is that you’re likely to save on admin fees and other types of fees your super fund charges you to manage your account. Imagine, if you have five different accounts with five different funds, you’re essentially paying the same set of fees to five different people. It would be like renting five different apartments at once and paying rent to five different landlords – despite the fact you really only need one place to live!

How to combine previous super accounts

If you have found yourself in this situation – don't stress. Combining your accounts into the one of your choice is pretty straightforward. This is known as consolidating your super, and you can find out how to do it on our consolidate your super page. But to save you having to consolidate your accounts on the regular, it’s best to just take your existing fund with you whenever you change jobs by filling in that Choice of Fund form we mentioned above (providing you’re happy with the fund you’re with, of course!).

Changing jobs is the main reason people end up with more than one superannuation account and it’s often the first step to losing track of your super accounts. To find out how easy it is to stay with Child Care Super next time you change jobs, visit our Changing Jobs page