How does super work?

Your money set aside, invested and saved for your retirement

Changing jobs

It’s important to remember that superannuation is your money regardless of where you work. So, when you change jobs, don’t forget about the money you’ve accumulated in your super fund.

Changing jobs is the main reason people end up with more than one superannuation account. And it is often the first step to losing track of your super accounts. But changing jobs rarely means you must change your super fund too.

Whether you’re going to work for a different company or starting your own business, most funds will allow you to keep your account with them until you reach retirement.

Think about what happens with your bank account when you change jobs. Your employer gives you a form which you fill in with your bank account details so they know where to pay your wages.

Your superannuation is the same – you should be offered a standard choice form within 28 days of beginning a new job, which you fill in with your super account details so your employer knows where to pay your super.

Choice

In most cases, it’s your choice into which fund your employer will pay your contributions. If you don’t make a choice, your employer will pay your contributions into its default fund.

There are some industries and companies however which will require you to become a member of their particular super fund. If this is the case, your employer will set up an account for you with the specific fund and details will be mailed to you by the fund. Visit Super Guru’s Choosing a fund page for more on Choice of fund and whether you will be able to choose.

Not all super funds are public offer – meaning anyone can join. There are some types of funds that you can only stay a member of if you remain with a particular employer or within a certain industry. Contact your super fund for more information.

Should I take my old fund with me to my new job?

There can be advantages to keeping just the one super fund, so passing your current super fund details on to your employer can be a good idea. Read more about the potential advantages on our Consolidating your super page.

There can also be reasons why you may like to keep more than one fund, such as extra insurance benefits or extended investment options. Also, not every fund will allow you to move your super. Different funds have different rules so be sure to check with your fund if you’re unsure.