Can I have multiple super funds?
Yes — but you probably shouldn't. Every extra fund means duplicate admin fees and potentially duplicate insurance premiums eating your balance. Most Australians should consolidate to one.
There is no legal limit on how many super funds you can hold. The ATO reports over 3 million Australians have more than one account, costing them millions in duplicate fees every year.
The real cost of multiple accounts
Each fund charges an administration fee (typically $50–$120 per year) plus a percentage fee on assets. Two accounts = roughly $100–$240 of duplicate admin annually that compounds to thousands over a career.
Worse: many defaults include insurance premiums. If you have four accounts with default insurance, you're paying four sets of premiums — but you can only claim once.
When multiple accounts make sense
- You want insurance held in one fund with better terms than your main fund's default
- You're running an SMSF for a property and an industry fund for simplicity
- You're about to roll out of a defined-benefit scheme — don't close it without advice
How to consolidate
Log in to myGov → ATO → Super. You can see every fund the ATO knows about (including lost super) and roll them up in a few clicks. Check insurance implications before confirming.
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Related
General information only — not financial advice. Super decisions are long-term; verify with a licensed adviser.