By Philippa Billings, Head of Advice, Otivo
Every time an Australian starts a new job and ticks the default super box, there's a fair chance a brand-new account quietly opens behind the scenes. Do that across three or four jobs in your twenties and you can end up funding three or four sets of fees — and possibly three or four insurance premiums — for one retirement. Here's how duplicate accounts happen, what they can cost over a working life, and the two checks many Australians run before deciding whether to consolidate.
Holding multiple super accounts generally means paying multiple sets of administration fees and, often, duplicate insurance premiums, each deducted directly from retirement savings. ATO data shows $18.9 billion in lost and unclaimed super as at 30 June 2025, much of it linked to forgotten accounts. All accounts can be viewed through ATO online services via myGov.
How do Australians end up with more than one super account?
The short answer is job changes. Before super stapling rules arrived in November 2021, starting a new job without nominating a fund usually meant being signed up to the employer's default fund. Change jobs three times, tick the default box three times, and three accounts exist — each charging fees, each possibly deducting insurance premiums, and each drifting further from memory with every house move.
Stapling has slowed the problem for newer workers, because a super account now follows a person from job to job unless they actively choose otherwise. But it didn't clean up the accounts already out there. For anyone who worked casual or part-time jobs before 2021 — hospitality, retail, seasonal work — the odds of a forgotten account somewhere are genuinely high.
What do multiple super accounts actually cost?
Two things, mostly. Fees and insurance.
Administration fees are charged per account, not per person. A second account doesn't get a discount for being a spare — it charges the same fixed dollar fees as the first, year after year, deducted straight from the balance. On a small forgotten account, fees can eat a meaningful share of the money over time.
Insurance premiums can be the bigger leak. Many super funds include default life and total and permanent disability cover, with premiums deducted from the account balance. Hold two accounts with default cover and you may be paying two sets of premiums — and depending on the policies, you might not even be able to claim on both. ASIC's MoneySmart website flags duplicate insurance as one of the main costs of holding multiple accounts.
There's a third, quieter cost. Small accounts are the ones most likely to become lost. The ATO was holding or tracking $18.9 billion in lost and unclaimed super as at 30 June 2025, spread across roughly 7.3 million accounts. Most of that money started as an account somebody simply stopped watching.
The two checks before consolidating
Many Australians decide that one account is simpler and cheaper than several — but rolling everything into one place isn't automatically the right move for everyone. Two checks come first.
- Insurance. Closing an account cancels any insurance attached to it. If the account being closed holds cover that would be hard to replace — because of age, health, or occupation — that cover is worth understanding before anything is rolled over. Some people keep an account open purely for its insurance.
- Exit and other fees. Exit fees were banned in 2019, but it's worth checking whether closing an account triggers any other costs, and comparing the fees and features of the account being kept against the ones being closed. Consolidating into the account with the highest fees defeats the purpose.
Neither check takes long, and both are the difference between a tidy-up and a regret.
How can you see all your super accounts in one place?
Through myGov. Linking the ATO to a myGov account shows every super account held in a person's name, including any lost or ATO-held super. From there, rolling one account into another can be done online, usually in minutes. The ATO's own guidance describes the process as a five-minute job, and for most people that's accurate.
For a broader look at whether your super settings are working together — contributions, investment option, and insurance across the lot — Otivo's advice platform can assess a person's situation and point to where they could be better off. Otivo Pty Ltd holds AFSL and Australian Credit Licence No. 485665, which means the guidance it gives is regulated financial advice, not general commentary.
Frequently asked questions
Does consolidating super cost anything?
Exit fees on super accounts were banned from July 2019, so closing an account generally doesn't attract an exit charge. Buy-sell spreads or other transaction costs can still apply depending on the fund, and any insurance attached to the closing account ends with it. Checking both before rolling over is a common precaution.
Will consolidating affect my insurance?
It can. Insurance held inside a super account is cancelled when that account closes, and replacement cover through another fund may come with different terms, exclusions, or premiums. Many Australians review what cover each account holds before consolidating. Otivo's personal insurance module can help work through how much cover a household might need.
How do I find super from old jobs?
Log in to myGov, link the ATO, and open the super section. Every account reported against your tax file number appears there, along with any lost or unclaimed super the ATO is holding. Transfers between accounts can be started from the same screen.
Sources
- ATO — Total lost (fund-held) and ATO-held super. ato.gov.au
- ASIC MoneySmart — Consolidating super funds. moneysmart.gov.au
- ATO — Searching for lost super. ato.gov.au
Disclaimer
The information in this communication is current as at July 2026 and has been prepared by Otivo Pty Ltd ABN 47 602 457 732, AFSL and Australian Credit Licence No. 485665. This content is general information only and has been prepared without taking into account your objectives, financial situation or needs. It is not personal financial or taxation advice and should not be relied on as such. Before acting on any information, you should consider its appropriateness having regard to your personal circumstances. This material must not be reproduced in whole or in part, or posted on any social media platform, without the prior written consent of Otivo Pty Ltd.