Changing jobs is a significant event in any individual’s career. However, it is not only your role or employer that changes – your superannuation (super) can also be impacted. Superannuation is essential to your financial future, and understanding what happens to it when you change jobs is crucial. This article explores the various aspects of managing your super when transitioning between jobs.

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How Is Your Super Affected When You Change Jobs?
When you change jobs, your superannuation does not necessarily change. You are given options regarding your super fund, and it is essential to manage this proactively. Here’s what typically happens:
Do You Need A New Super Fund?
One common question many people ask when changing jobs is whether they need to open a new super fund. The short answer is no. Changing jobs doesn’t require you to change your super fund. You can keep your existing fund if you already have a super fund. Your new employer will ask if you have a preferred super fund or if you want to join their preferred fund. You are free to make that decision.
- You can transfer your existing super: You can take your current super account with you. This means your super will stay in one place, making it easier to manage and reducing fees.
- Employer’s preferred fund: If you do not nominate a super fund, your employer will pay contributions into a default super fund, often selected by the company.
Is It Necessary To Switch Super Funds?
No, unless specified by a particular work arrangement or a specific award. If you are changing jobs within the same industry or sector, your super fund may still be applicable. You can continue contributing to your existing super fund if it’s available to you.
- UniSuper’s Policy: UniSuper allows anyone to keep their account, even after they change jobs. This is a significant update from the fund’s previous policies, as it now serves all Australians and not just those working in higher education or research sectors.
How To Keep Your Super Fund With You?
You must inform your new employer about your current super details to keep your existing super fund. You can provide your superannuation account number and details of your fund to the HR or payroll department of your new employer. This ensures your super contributions go into the correct account. There are generally two options when notifying your employer:
- Provide your existing super fund details: This will direct your current super account contributions.
- Open a new super fund: Tell your employer to pay into a different one.
What About Employer-Specific Super Funds?
Some employers may have a specific super fund they use for employee contributions. You can join your employer’s preferred fund or continue with your existing one. If you do not make a choice, your employer will default to their selected fund.
How To Avoid Multiple Super Funds?
Over time, many people accumulate multiple super accounts if they change jobs frequently. This can result in higher fees and more complicated management of your funds. To avoid this, it’s advisable to consolidate your superannuation funds into one. You can do this by contacting your super fund and arranging to merge your previous accounts.
What Happens To Your Super Fund When You Change Jobs Regularly?
If you change jobs often, keeping track of your superannuation is essential. Here are some tips to manage your super across different jobs:
- Consolidate your super accounts: Merging accounts can save on fees and give you a more straightforward overview of your super balance.
- Use your employer’s superannuation information: When changing jobs, communicate your super preferences early on.
What To Do If You Lose Track Of Your Super Fund?
Losing track of your super fund is common for many people who have switched jobs multiple times. Fortunately, there are steps you can take to find lost super.
- Check your ATO account: The Australian Taxation Office (ATO) tracks your superannuation accounts.
- Contact your super fund: If you have lost contact with your super fund, contact them directly to recover your details.
- Use the ATO’s online tools: The ATO offers several tools to help locate your superannuation accounts.
What Happens If I Don’t Claim My Super After Changing Jobs?
If you change jobs and do not claim your super, you may lose it. If contributions are not made regularly, superannuation funds can become inactive. It’s important to ensure your employer continues to pay your super contributions to the correct fund, especially after job changes.
Keep Your Super Active
- Regular contributions: Ensure you receive regular contributions to your super fund.
- Monitor your fund: Log in to your super fund’s website regularly to ensure everything is in order.
- Update your details: Keep your super details updated with your employer to avoid any issues with your super contributions.
How Can An Adviser Help You Manage Your Super?
If you find managing your superannuation confusing or overwhelming, consider seeking advice from a financial adviser. They can help you navigate the best options for your situation and ensure your superannuation is managed correctly. Here’s how an adviser can assist:
- Consolidating funds: Advisers can help you consolidate your super funds to reduce fees and simplify management.
- Choosing the right fund: A financial adviser can recommend the best super fund based on your financial goals and job situation.
- Understanding your super: They can help you understand how your super works and offer advice on maximising your retirement savings.
Conclusion
Changing jobs does not mean you must change your super fund. If needed, you can keep your existing super fund and transfer it to your new employer. Staying on top of your super is essential to avoid unnecessary fees and ensure your retirement savings grow efficiently.
By consolidating your super, informing your new employer of your preferences, and seeking professional advice, you can effectively manage your superannuation during job changes.
Frequently Asked Questions
Do I Need To Open A New Super Fund When I Change Jobs?
No, you don’t need to open a new super fund when you change jobs. You can keep your existing super fund, and your new employer can pay your contributions into that account. If your new employer has a preferred super fund, you can choose whether to stick with your current fund or switch to theirs.
How Can I Consolidate My Super Funds After Changing Jobs?
You can contact your superannuation providers to consolidate your super funds and request to combine your accounts. Many funds offer a simple online process to merge your super, which can help reduce fees and simplify management. It’s essential to check that all your funds are properly consolidated and that no accounts are left behind.
What Happens If I Don’t Claim My Super After Changing Jobs?
If you don’t claim your super after changing jobs, it could become inactive or lost, and you might miss out on potential growth. Ensuring that your new employer continues contributing to your super account is crucial. If you’re unsure where your super is, you can use the ATO’s online tools or contact your super fund to locate it.