Putting the 'super' back in your superannuation
Whether you're just changing investment mix or moving to a new fund, switching your super is easy. That's deliberate.
Australia’s superannuation system is designed to make switching funds simple. For example, the ATO will facilitate moving account balances for you if you want, and the Protecting Your Super (PYS) reforms in 2019/20 banned exit fees.
I didn’t mention this before, but now I can:
I reckon switching banks is the hardest part of moving your money.
I’m saying it because by now you’ve probably done that move so I won’t put you off 😁
Which implies good news: switching super and shares is much more straightforward.
Cue massive sigh of relief!
If you’ve decided you’d like to move your super, what you do next depends on which option you chose in the Planning step:
Changing investment mix in the same fund
This one couldn’t be much easier.
You’re already signed up with your fund. You may already have insurance, which is separate to whatever investment mix you’re in.
All you have to do is tell them to move from one investment mix to another.
Just check first whether there are any fees first. Some funds don’t charge a fee to switch, some do. Make sure you’re happy with those fees before you hit ‘Go’.
Once you’re satisfied, it’s usually as simple as:
Log in to your superannuation portal
Find the ‘Change investment mix’ (or similar) option on your menu
Select the mix you want move to, following their instructions
Save or submit
…and you’re done!
It’ll take most folks a few minutes, tops.
This post from MoneySmart has more detail if you’d like to read more.
Change to a new fund
This one is slightly more complicated, but I’d put it on par with signing up for a new transaction account with a bank.
I did it myself in mid-2025, so I am speaking from recent experience.
The process is still simple, it just takes a little longer.
» Sign up with the new fund you have selected
As with bank accounts, you’ll need to go through their customer onboarding process, which usually involves entering your particulars (e.g. birthdate) and your tax file number.
If your experience is anything like mine, the account’ll be live within minutes.
Make a note of your member number and select your preferred investment mix - the one without fossil fuels in it - when prompted.
And one final reminder: before you move your money, make sure you’ve got your insurance transfer sorted if your old account has life insurance, total and permanent disability (TPD) insurance and/or income protection insurance.
Do not transfer your super and therefore cancel your old insurance until your new super fund has accepted your application.
Got it? OK, on with the show…
Then it’s time to…
» Move your super balance across to the new fund
When I shifted my super, I did so by asking my new fund to complete the full balance transfer from my old account. Following their process was simple, and most funds will be similar.
If you prefer, you can move it via the ATO portal instead. Follow the instructions on MoneySmart’s page about consolidating super, specifically:
Log into myGov
Go to the ATO
Select ‘Super’ then ‘Manage’ then ‘Transfer super’
It may take a while for the new super account to appear on your ATO portal, so please keep in mind this may not be an option for a swift change.
» Tidy up your loose ends
The job’s not done till the paperwork’s done!
Items on your to-do list:
Let your payroll department know your new super fund details
Add a binding death benefit nomination to your new fund (one perk of my new fund was non-lapsing BDBNs, and I was able to do the whole thing electronically - bonus!) MoneySmart has an excellent page on the importance of BDBNs and all the nitty-gritty on getting it right.
…aaaaand you’re done! Told you this one was simpler 😉
Onto the last money move - shares…