The first step is to undertake some research so you can understand your options. To help you get started, our comparison tool lets you evaluate an Industry SuperFund against a retail fund to see how they compare. 

When comparing different funds, ask yourself:

• Are the fees I am paying higher compared to other alternatives? Fee and cost information can be found on the website of any super fund.
• Could I improve my investment performance over time if I change funds? Most funds publish their performance indicators and results publicly, so it's worth searching online to review this information.
• How about net benefit?  Net benefit is the best way to compare funds. It is the investment return you receive from your super fund after all fees and costs have been taken out. Try our Compare the Pair calculator to see if you could be better off.
• Are the insurance options (e.g. life or disability) more beneficial to me?
• Do the values of this fund align with my own values?
• Is it an Industry SuperFund or a retail fund? The way funds distribute profits can differ and may influence your decision. To learn more about the differences between industry and retail funds, please visit this page.

Australian law prohibits super funds from charging members an exit fee when changing super funds. However, there may be other costs associated with administration, e.g. fees related to liquidating your investments, etc. 

It’s worth confirming these details by contacting your current fund to avoid unexpected expenses.

After you have compared different options and know the potential costs associated with switching, the next step is to choose your new super fund and open an account to transfer your balance.

This simple process can usually be done online via the website of your new superannuation fund. Usually, you have to complete a form by providing your details, such as your tax file number (TFN), employment information and other identification documents.

At this point, it is a good idea to consolidate your old account (and others if you have multiple super accounts) with your new one and so all your savings are in one account (and you’re not paying multiple sets of fess). Most super funds let you easily transfer your existing super savings from other funds.

In addition to the peace of mind of managing a single account, you also avoid paying multiple fees.

It’s important to inform your employer of your new account details to ensure that future contributions are directed to the correct place. 

Your employer will typically require a Superannuation Standard Choice Form, which can be completed and downloaded here, or from the Australian Tax Office (ATO) website. You can also receive this document from your new fund.