How to change super funds in 5 easy steps

So, you’ve decided to change super funds or are at least thinking about it. Perhaps you’re unhappy with your current fund’s investment performance, fees or services. You could be looking for something your fund doesn’t offer, like a direct investment option or different insurance features.

It goes without saying that you should always shop around before switching funds. Don’t be tempted to follow a friend’s recommendation, TV ad, the suggestion of a pushy cold-caller or media coverage of the year’s best-performing fund without doing your homework.

That said, once you’ve found the fund for you and decided to take the leap, how do you make the switch?

The following steps are designed to guide you through the process and help you avoid common traps.

1. Check if you have ‘choice of super fund’

If you’re an employee and you want to change super funds, you should first check to confirm you have a choice of fund with your employer. Most Australians can choose the fund their employer contributes to, but a small number of people working under enterprise agreements or in the public sector are not eligible.

If you can select the fund your employer contributes to, go to step 2.