Evidence-backed. Sourced from APRA’s Annual Superannuation Bulletin, APRA’s 2025 performance test results, APRA’s SPG 227 on successor fund transfers, ASFA 2025 super statistics, and ATO guidance on fund winding-up and stapling. General information only — not financial advice. Super switching decisions depend on individual circumstances, insurance cover, and investment needs; consult a licensed financial adviser before transferring funds. Last updated: June 2026.
⚡ Key Takeaways
- Since APRA released its first heatmap in late 2019, at least 28 MySuper products have been closed, transferring around 1.5 million member accounts and $51.6 billion into other products via successor fund transfers (SFTs). Many members have no idea this happened to them. [2][9]
- An SFT — a bulk transfer from one fund to another — does not require member consent. It happens when trustees agree the new fund provides “equivalent rights.” Your fees, investment strategy and insurance can all change in the process. You should receive a significant event notice, but many members ignore or never see it. [9][4]
- Since stapling began on 1 November 2021, your first super fund stays attached to you — new employers must pay into your stapled account unless you choose otherwise. If your stapled fund then merges, changes its default, or closes its MySuper product and moves you into an older option, you can remain in a mediocre product for years without knowing. [10][11]
- APRA’s 2025 performance test shows all 52 assessed MySuper products passed for the second consecutive year — covering 15.7 million accounts and nearly $1.1 trillion in assets. But over 40% of platform trustee-directed products still show significant underperformance. Many of these are closed to new members but continue to hold legacy balances. [7][3]
- You have clear rights to be notified of SFTs and product closures, and APRA’s registers and performance test results are publicly available. But APRA does not automatically move members out of underperforming closed products — that requires you or your trustee to act. The system protects you on paper but only if you engage with it in practice. [7][9]
MySuper Migration: Has Your Retirement Money Been Moved Without You Knowing?
By The Fine Print editorial team | Last updated: June 2026 | 13 min read | ⚠️ Not financial advice
Since APRA’s performance heatmaps kicked off in 2019, the Australian super system has been quietly consolidating. Twenty-eight MySuper products have closed. One and a half million member accounts and $51.6 billion have been bulk-transferred into other funds through successor fund transfers — without those members choosing to move. More mergers are in progress. And with stapling now keeping millions of Australians locked to whatever fund they joined first, the combination of SFTs, performance-test-driven closures and the stapling regime means a large cohort of Australians are being carried through the consolidation wave as passive passengers rather than active participants. Their fees, insurance and investment strategy might have changed. They might be in a product that no longer accepts new members. They might be in a fund they’ve never heard of. The risk isn’t just theoretical — APRA’s own data shows 40%+ of platform trustee-directed products significantly underperform, and many of those hold legacy balances from members who haven’t checked in years. This guide explains how to find out exactly where your MySuper money is, how to tell if the migrated product is actually any good, and how to get off the conveyor belt before the next merger decides for you.📋 What’s in This Guide
What MySuper Migration Actually Means — The SFT, Stapling and Heatmap Combination
The scale of the MySuper consolidation:
- ~15.4 million MySuper accounts at 30 June 2024, representing roughly two-thirds of all super accounts in Australia. [2][1]
- ~17.8 million Australians have a super account in total (ASFA 2025 statistics). [1]
- Since APRA’s first heatmap (late 2019): 28 MySuper products closed, transferring ~1.5 million accounts and $51.6 billion via SFTs. [2][9]
- APRA 2025 performance test: all 52 assessed MySuper products passed — 15.7 million accounts, ~$1.1 trillion in assets. But 40%+ of platform trustee-directed products with a 10-year history show significant underperformance. [7][3]
What a successor fund transfer (SFT) is:
- A bulk transfer of members and benefits from one fund to another, governed by APRA’s SPG 227. Does not require member consent — only requires trustees to agree the new fund gives “equivalent rights.” [9][12]
- After an SFT: your old fund is wound up; your money sits in a new fund, often a new MySuper product under a sub-fund name; fees, investment strategy and insurance can all change. [9][4]
- You should receive a significant event notice — but many members ignore or never receive it, and the change takes effect regardless. [9]
How stapling interacts with migration:
- Since 1 November 2021, your first super fund is generally “stapled” to you — new employers must pay SG into that fund unless you make an active choice. [10][11]
- If your stapled fund merges, changes its default, or closes its MySuper product, you can remain attached to a mediocre or expensive product for years without realising it. [10]
- The combination of SFTs and stapling means members who don’t engage proactively can end up in a fund they never chose, holding a product they’ve never reviewed. [10][2]
Four Ways Migration Can Hurt Disengaged Members
1. Your fees, insurance and investment strategy changed — and you may not know
The legal requirement in a successor fund transfer is that the receiving fund provides “equivalent rights” — a legal concept that APRA supervises but that doesn’t mean identical rights. In practice, an SFT can change your investment option, your insurance terms (waiting periods, exclusions, or premium levels may differ), and the fee structure of your account. If you were in a low-cost industry fund that merged with a slightly more expensive entity, your expense ratio may have crept up. If your death or TPD insurance terms changed as part of the transfer, coverage you relied on might be different. The problem is that these changes are disclosed in the significant event notice — a piece of correspondence that many members file without reading, especially if they receive it during a busy period of their lives. An SFT notice that arrives while you’re changing jobs, having children or managing a health issue is the kind of paperwork that gets set aside and never revisited. By the time you notice something has changed, you may have been paying higher fees or holding different insurance for years. [9][4][12]2. Stapling locks you to whatever the fund becomes — not what it was when you joined
The stapling regime was designed to prevent the creation of multiple duplicate accounts when workers change employers. It has achieved that. But its interaction with the SFT and consolidation wave creates a new problem: you can be stapled to a fund that then merges, changes its investment defaults, and shifts you into a product that a younger version of you would never have chosen. If you joined Industry Fund A as your first job’s default in 2018, and by 2026 Industry Fund A has merged into Mega Fund B, changed its MySuper product’s investment strategy to reduce unlisted assets, and shifted your default allocation in the process — you’re now stapled to Mega Fund B and its restructured defaults. That might be fine. Or it might not. The only way to know is to check. Many members who chose their stapled fund because of its employer default, employer contribution discount, or specific investment option find that those features no longer exist in the merged entity. Stapling is not a set-and-forget mechanism — it just means your contributions keep going to the same place, even if that place has changed fundamentally. [10][11][2]3. “Zombie” products trap disengaged members in underperforming closed options
APRA’s performance test regime creates a specific two-stage outcome for underperforming products. First-fail products must either fix the underperformance or develop a plan to transfer members to better options. Second-fail products must be closed to new members — but existing members can remain unless the trustee actively moves them. This creates a class of “zombie” products: closed to new members, often underperforming, and holding legacy balances from members who never engaged with the performance test notifications. APRA’s 2025 data confirms this pattern persists — 40%+ of platform trustee-directed products with a 10-year history show significant underperformance, even as all MySuper products now pass. The asymmetry matters: for disengaged members in a zombie product, the default is to stay. Switching requires active effort. And because the performance test notification (the letter or email saying your product has failed) requires members to understand what a “performance test” is and what the consequence is if they don’t act, many members simply don’t. [7][3][5]4. Your rights exist — but only if you read the paperwork
APRA is explicit about this: it does not automatically move members out of closed or underperforming products, and it does not approve each individual SFT before it happens. It supervises the process under SPG 227 and requires trustees to meet the “equivalent rights” and “best financial interests” standards. But the practical enforcement mechanism for your individual situation is you. You have the right to be notified of SFTs and product closures. You have the right to check APRA’s registers and performance test results. You have the right to use the ATO’s YourSuper comparison tool to compare fees and returns. You have the right to switch funds at any time. All of these rights require you to take action. The default is not protection — it’s passivity. If you don’t read the significant event notice, don’t check myGov, and don’t compare your fund against alternatives, the system will continue moving your money according to whatever decisions trustees make. The rules give you the tools; using them is up to you. [7][9][12]2023–2026 Developments and What’s Coming Next
- Ongoing consolidation wave (2023–26): APRA and Treasury policy explicitly supports consolidation — small or underperforming MySuper products are expected to merge or exit rather than limp on. The volume of mergers means millions of accounts have already moved and more will follow. APRA’s SPG 227 guidance actively supervises how transfers are conducted. [8][12]
- Performance test outcomes (2024 and 2025): No MySuper product has failed for two consecutive years. But 40%+ of platform trustee-directed products with a 10-year history still underperform significantly. Industry commentary notes that because no MySuper product failed in 2024 or 2025, weak products may be migrating into different product labels — making it harder for disengaged members to track what they actually hold. [7][3][5]
- Stapling + migration risk combination: With stapling now embedded since 2021, a poorly performing MySuper fund that merges or changes its default can carry members through multiple life stages without them ever re-choosing. APRA and the ATO both emphasise that members should use the YourSuper comparison tool and fund registers to confirm where they are. [10][11]
- APRA’s supervision focus in 2026: APRA continues to supervise SFTs under SPG 227 and requires trustees to act in members’ best financial interests through transitions. But the regulator’s message is clear: once transferred, it’s your responsibility to verify the outcome is appropriate for you. [12][9]
✅ Your Three-Step Action Plan
Action 1: Find out exactly where your MySuper money is today
Log into myGov → ATO → Super. The ATO shows every super account linked to your tax file number — the fund name, the account number, and whether the account is active or inactive. Note the exact fund name and product name (e.g., “XYZ Super — MySuper Balanced”). If the fund name looks unfamiliar, or you thought you were in a different fund from the one shown, don’t assume it’s an error — it may reflect an SFT or merger you were notified about but didn’t process at the time. Cross-check using APRA’s RSE licensee register (available on apra.gov.au) and the ATO’s Super Fund Lookup tool, which shows whether your fund is currently APRA-regulated, whether it’s been wound up, and what its current status is. Then go back through any super correspondence you’ve received in the past three to four years — bank email folders, physical mail — and look for any significant event notices or “we’re merging” letters. These often explain the specific changes that were made to your product and what the current product name is. This step should take 30 minutes maximum and gives you the baseline information for every decision that follows. [2][4][9]Action 2: Check whether your migrated option is actually any good
Once you know exactly which fund and product you’re in, run it through the ATO’s YourSuper comparison tool (available at ato.gov.au/yoursuper). The tool compares your current MySuper product’s annual fees (on a $50,000 balance and on your actual balance) and net investment returns over 5 and 7 years against every other MySuper product in the country. It flags products that have failed the APRA performance test. Cross-check your product against APRA’s Annual MySuper Statistics — the fund-level tables show your product’s administration fee, investment fee, and other costs, plus investment returns, in a standardised format that makes comparison straightforward. Key things to look for: is your product’s total fee (admin + investment) more than 0.5% higher than comparable low-cost alternatives in the same risk category? Has your product’s 7-year net return consistently lagged its peers by more than 0.5–1% per year? Is your product still open to new members, or is it a “closed” legacy product? If the answer to any of these is concerning, that’s a signal worth acting on — not immediately panicking, but taking seriously. [11][2][7]Action 3: Take control before the next merger or SFT decides for you
If your current fund has recently merged, changed owners, or has already moved you once via an SFT — or if Step 2 reveals that your current product significantly underperforms peers — treat this as the trigger to make a conscious choice about your fund. You have two options. The first is to switch to a more appropriate option within your current fund — for example, if you were shifted into a conservative “transition” option you didn’t ask for, switching back to a balanced or growth option consistent with your time horizon. The second is to roll over to a different fund’s MySuper product that scores better on fees and long-term returns. Before doing either, check one critical factor: what happens to your insurance cover. Insurance cover in super often lapses or changes when you switch funds or roll over a balance. If you hold meaningful death, TPD or income protection insurance through your current fund, check the terms with both your current and prospective fund before initiating a rollover. Once you’ve made your choice, complete a choice of fund form (available from your employer’s HR or the ATO) so that future employer SG contributions follow your conscious decision — not the stapled default that may no longer represent what you actually want. [10][11][9][2]❓ Frequently Asked Questions
What is a successor fund transfer (SFT)?
A bulk transfer of member accounts from one fund to another without member consent — as long as trustees agree the new fund provides “equivalent rights.” After an SFT, fees, investment strategy and insurance can all change. Members receive a significant event notice but many don’t act on it. [9][12]How do I find out if my fund has been merged?
myGov → ATO → Super shows all accounts linked to your TFN. Cross-check on APRA’s RSE register and the ATO’s Super Fund Lookup. Search old emails and mail for significant event notices or merger letters from the past 3–4 years. [2][4]What is stapling and how does it interact with migrations?
Since 1 November 2021, your first fund stays attached to you when you change employers. If that fund then merges or changes its MySuper product, you remain stapled to whatever it has become — meaning changed fees, investment strategy and insurance without you making any active decision. [10][11]What did APRA’s 2025 performance test show?
All 52 assessed MySuper products passed — 15.7M accounts, ~$1.1T in assets. Second consecutive pass. But 40%+ of platform trustee-directed products with a 10-year history still significantly underperform, many of them closed to new members but holding legacy balances. [7][3]What should I check before switching super funds?
Check fees and 5–10 year net returns via the YourSuper comparison tool. Check your current insurance cover — it may not transfer, or terms may change. Confirm the new fund accepts rollovers and offers the right product for your age/risk profile. After switching, lodge a choice of fund form with your employer. [11][10][2]⚖️ The Fine Print Verdict
The MySuper consolidation wave is not a scandal — it’s policy working as designed. APRA’s heatmaps and performance tests have pushed dozens of underperforming products to close or merge, and the data shows that MySuper members are now overwhelmingly in products that pass the performance test. That’s genuinely good news. The problem is the subset of Australians who were transferred without realising it, who received a significant event notice and didn’t read it, who are now stapled to a fund they’d never consciously choose, or who remain in a zombie platform product that was closed to new members years ago. For those members, the protections exist on paper but aren’t being enforced in practice — because no one can enforce a right you’re not exercising. The system gives you free tools to check where your money is (myGov), how your product compares to alternatives (YourSuper tool), and whether it has failed a performance test (APRA’s website). What the system can’t give you is the 30 minutes to use those tools. The merger conveyor belt isn’t slowing down. The next round of SFTs and product closures is already in progress. The question is whether you find out about them from the significant event notice — or from checking proactively before the decision has already been made on your behalf.
👉 Log into myGov right now: ATO → Super. Note your current fund and product name. Then run it through the ATO’s YourSuper comparison tool. If it’s more expensive and lower-returning than alternatives — make a conscious choice before the next merger makes one for you.
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- ASFA, “Super statistics 2025,” superannuation.asn.au (September 2025)
- APRA, “Annual Superannuation Bulletin,” apra.gov.au
- Super Review, “7 trustee-directed products fail superannuation performance test,” superreview.com.au
- ATO, “Winding up APRA-regulated funds,” ato.gov.au
- IFA, “APRA’s latest test results — trustee failures highlight need for expert advice,” ifa.com.au
- Wallace Partners, “APRA super fund performance test results released,” wallacepartners.com.au
- APRA, “2025 annual superannuation performance test — trustee directed products,” apra.gov.au
- Ashurst, “Australia’s superannuation industry is feeling the pressure for consolidation,” ashurst.com
- APRA, “APRA explains: successor fund transfers in superannuation,” apra.gov.au
- Quill Group, “Stapled super accounts to become default,” quillgroup.com.au
- DFK Adel, “New stapled super changes coming for employers plus new super comparison tool,” dfkadel.com
- APRA, “SPG 227 — Successor fund transfers and wind-ups,” apra.gov.au
- Investor Daily, “Share markets boost super returns — APRA data reveals,” investordaily.com.au
- APRA, “APRA releases 2025 superannuation performance test results,” apra.gov.au
This article is general information only and does not constitute financial advice. Super fund switching and rollover decisions depend on individual circumstances, insurance cover, investment objectives and fee comparisons. Before transferring or switching funds, check your insurance terms and consult a licensed financial adviser. Information is current as at June 2026, based on APRA’s 2025 performance test results, APRA’s Annual Superannuation Bulletin, and ASFA 2025 statistics. The Fine Print 🇦🇺 is not affiliated with APRA, the ATO or any fund mentioned in this article.