TelstraSuper officially merged with Aware Super on 30 April 2026. If you were a TelstraSuper member, your account has already been automatically transferred. You are now an Aware Super member whether you took any action or not.
For most members, the transfer happened smoothly and accounts became accessible through Aware Super’s online portal from 11 May 2026. But there are a number of things former TelstraSuper members should check and understand now that the merger is complete, particularly around fees, insurance, investment options, and the legacy of the Direct Access closure that caused significant frustration in the months before the merger.
This guide covers everything you need to know.
The Merger: What Happened and When
TelstraSuper and Aware Super signed a binding merger agreement in late 2024. The merger was completed via a Successor Fund Transfer (SFT) on 30 April 2026, meaning all TelstraSuper members were automatically transferred to Aware Super on that date without needing to take any action.
The combined fund manages approximately $237 billion in assets for around 1.3 million members, making it one of Australia’s largest superannuation funds.
Key dates that have now passed:
| Date | What happened |
|---|---|
| 20 November 2025 | TelstraSuper announced Direct Access closure |
| 24 November 2025 | No new investments permitted in Direct Access |
| 9 January 2026 | Deadline for members to sell Direct Access holdings |
| 12 to 30 January 2026 | TelstraSuper force-sold remaining Direct Access assets |
| February 2026 | Brokerage reimbursements paid to affected members |
| 17 April 2026 | Limited service period began |
| 30 April 2026 | Merger completed, accounts transferred to Aware Super |
| 11 May 2026 | Full access to Aware Super online portal available |
Sources: TelstraSuper Merger Hub; Aware Super confirmed accounts were available from 12pm on 11 May 2026.
Please note: The information in this article is general in nature and does not take into account your personal financial situation, needs or objectives. This is general information, not personal advice.
You’re Now an Aware Super Member: What’s Different
TelstraSuper members have been automatically transferred to Aware Super. Telstra Super Pty Ltd no longer exists in its capacity as trustee of the TelstraSuper Fund.
Here is what has changed for former TelstraSuper members:
Your account number: Your Aware Super account number is the same as your TelstraSuper account number. Your member number is different.
Your online access: TelstraSuper’s SuperOnline portal and app are closed. From 11 May 2026, you have access to Aware Super’s Member Online portal and app, as well as their full range of digital services, tools and calculators including the insurance portal.
Your investment options: You can now choose from Aware Super’s investment menu, which includes six single-asset options and nine diversified options. Aware Super does not offer direct share trading or ETF investment. Members do have the ability to invest directly in term deposits.
Your fees: Unlike TelstraSuper, Aware Super charges administration fees per account, not per member. This means if you have multiple super accounts, you may pay multiple sets of fees. If you have more than one account, consider whether consolidating makes sense.
Your employer contributions: If you are a Personal Plus member, you’ll need to inform your employer of the change and advise them to submit contributions on or after 11 May 2026 to Aware Super. BPAY details have changed and any recurring BPAY should have been cancelled before 24 April 2026. If you haven’t done this yet, update your employer’s records immediately.
Your Defined Benefit: If you have a Defined Benefit Division 2, your benefit will not change as part of the merger. Your benefit has been transferred to Aware Super Defined Benefit – Telstra Plan.
The Direct Access Closure: The Full Story
Before the merger, TelstraSuper’s most contentious decision was the closure of its Direct Access investment option, a self-directed platform that allowed members to invest their super in individual ASX shares, ETFs and term deposits.
What Direct Access was
Direct Access gave eligible TelstraSuper members the ability to build their own share and ETF portfolio inside super, without the compliance burden of running a full SMSF. Members could trade ASX 300 shares in real time, access a trustee-approved ETF list, invest in fixed-term deposits through ME Bank and NAB, and hold proceeds in a Cash Transaction Account earning interest linked to the official cash rate.
Eligibility required a minimum $50,000 TelstraSuper balance and a minimum $10,000 transfer into Direct Access. Fees included a $172 annual platform fee and a 0.20% asset fee on the Direct Access balance, plus brokerage on each trade.
Why it closed
Following a comprehensive review of the product suite during merger planning, TelstraSuper determined that continuing the Direct Access offering would deliver limited additional benefit to members as a whole in Aware Super, while requiring significant investment to build and integrate the necessary systems.
In short: running a live share trading platform inside a super fund is technically complex and expensive. The merged fund’s board determined the cost-benefit didn’t justify maintaining it for a subset of members when Aware Super has no equivalent product.
What happened to member investments
Members were able to sell down their assets and close their Direct Access account by 9 January 2026. For members who did not take action by this date, TelstraSuper sold the remaining investments or redeemed any term deposits, closing the Direct Access account on their behalf.
All proceeds were invested according to each member’s existing investment profile in their standard TelstraSuper account. Any reimbursements relating to brokerage fees were automatically paid into members’ TelstraSuper accumulation accounts in February 2026.
For capital losses realised in Direct Access: after all investments were realised, any unused capital losses had the 10% CGT rate credited to the Cash Transaction Account as cash. For example, a $10,000 realised unused CGT loss on exit resulted in $1,000 cash credited to the account.
Term deposits were broken between 12 January and 30 January 2026. Members received interest on the principal up to the date of breaking. No reduction in interest rate applied for early breaking.
Why members were angry
The reaction from Direct Access members was significant. Three specific issues drove most of the anger:
Seven weeks’ notice over Christmas. Members received notice on 20 November 2025 and were given until 9 January 2026 to sell their holdings, a period that included Christmas and New Year when market liquidity is typically lower.
No in-specie transfer option. Members were not permitted to transfer shares in-specie to another fund or platform. All holdings had to be converted to cash first, triggering CGT events and brokerage costs. Members who wanted to simply roll their portfolio to AustralianSuper or another fund with direct investment options had no pathway to do so without selling everything first.
Forced CGT events. Members who had held shares for less than 12 months faced the full CGT rate rather than the 50% discount that applies to assets held for more than a year. As one member on a super forum put it: “I now hold shares as part of a 10-year strategy that they have now obliterated by forcing members to sell these investments with such short notice and zero option.”
TelstraSuper confirmed it would cover brokerage costs but would not compensate for any shortfall resulting from a decline in the market value of investments.
The Broader Lesson for Direct Investors in Super
The TelstraSuper Direct Access closure is a reminder of a risk that applies to every self-directed investment option inside a super fund. You do not own the platform. You own the assets, but the fund controls the infrastructure, and that infrastructure can be withdrawn.
As one experienced super forum member noted, the closure is a timely reminder of the risks of direct holdings in super funds: “You simply don’t know what will happen with these products over the next 10, 20 or 30 years. If you are using them to avoid CGT by simply buying and holding shares until you can switch to pension phase, be aware that they can ‘switch it off’ at any point thus negating the main reason why people use these products.”
This is not a reason to avoid direct investment options inside super. It is a reason to understand the structural risk, particularly for long-term buy-and-hold strategies built around a specific CGT timing plan.
Alternatives to Direct Access for Investors Who Want Control
Former Direct Access members looking for equivalent functionality have several options outside the merged Aware Super structure.
Self-Managed Super Fund (SMSF). The most complete control available. An SMSF allows you to hold direct ASX shares, ETFs, term deposits, property and other assets inside super with full trustee control over the investment strategy. The trade-off is administration and compliance: an SMSF requires an annual audit, tax return and ongoing trustee obligations. Generally suitable for balances above $400,000 to $500,000 where the cost-benefit works. See our SMSF advice page for more.
Other super funds with direct investment options. A small number of industry and retail super funds still offer direct share and ETF investment options:
- Australian Super offers a Member Direct option allowing investment in ASX 300 shares, ETFs and term deposits, with similar eligibility thresholds to the old Direct Access
- Hostplus offers Choiceplus with similar functionality
- CareSuper offers direct investment through their platform
Each has different fees, eligible investment lists and eligibility requirements. If direct share investment inside super is important to you, comparing these options before deciding to stay with Aware Super or move to an SMSF is worth the time.
Invest directly outside super. For members approaching preservation age, the calculus around staying inside super for CGT planning changes. After 60, super withdrawals are tax-free from a taxed fund. If you’re close to retirement, building a direct share portfolio outside super using a standard brokerage account may be simpler, particularly given the risk the last two years demonstrated of platforms being withdrawn without warning.
What Former TelstraSuper Members Should Do Now
1. Log into Aware Super’s Member Online portal. From 11 May 2026 your account is accessible at aware.com.au. Confirm your balance, investment option, and personal details are correct. If anything looks wrong, contact Aware Super on 1300 650 873.
2. Check your investment option. Your balance was transferred into an Aware Super investment option based on your TelstraSuper profile. Confirm this is appropriate for your age, risk tolerance and time to retirement. If you were in a Direct Access portfolio, your proceeds were invested according to your existing TelstraSuper investment profile, which may not reflect your preferences going forward.
3. Confirm your insurance. Insurance arrangements transferred with the merger, but changes to cover can occur during the transition. Check your life, TPD and income protection cover in the Aware Super portal, particularly if you had any non-standard arrangements with TelstraSuper.
4. Update BPAY details with your employer. If you make personal contributions via BPAY, your details have changed. Your new Aware Super BPAY details were provided in your welcome letter, sent after 11 May 2026.
5. Download historical TelstraSuper statements. TelstraSuper’s SuperOnline portal is now closed. If you didn’t download historical statements before 30 April 2026, contact Aware Super directly to request copies for tax purposes.
6. Consider whether Aware Super is the right fund for you. The merger was automatic. You were transferred without choosing Aware Super. Now that you’re there, it’s worth reviewing whether it’s the best fund for your circumstances, fees and investment needs, particularly if you want direct investment capabilities that Aware Super doesn’t offer. You are free to roll your balance to another fund at any time.
Frequently Asked Questions
Has TelstraSuper merged with Aware Super?
Yes. The merger was completed on 30 April 2026 via Successor Fund Transfer. All TelstraSuper members are now Aware Super members. TelstraSuper no longer exists as a separate fund.
What happened to my TelstraSuper account after the merger?
Your account was automatically transferred to Aware Super on 30 April 2026. Your account number is the same. You can access your account through Aware Super’s Member Online portal and app from 11 May 2026.
Does Aware Super have a Direct Access equivalent?
No. Aware Super does not offer a direct share trading or ETF investment platform. Members can invest directly in term deposits. For the direct share and ETF functionality that Direct Access provided, former members need to consider an SMSF, AustralianSuper Member Direct, Hostplus Choiceplus, or another fund with direct investment options.
What happened to my shares and ETFs in Direct Access?
All Direct Access holdings were sold by 30 January 2026 at the latest. Proceeds were reinvested into your standard TelstraSuper investment options. Brokerage costs incurred during the forced sell-down were reimbursed in February 2026. Capital losses were compensated at 10% of the loss amount as a cash credit.
Can I roll over from Aware Super to another fund?
Yes. You can roll your Aware Super balance to any other complying superannuation fund at any time. If you want to access direct investment options that Aware Super doesn’t offer, rolling to a fund that has them or establishing an SMSF are both legitimate options. Check insurance implications before rolling over.
Why was TelstraSuper closed?
TelstraSuper’s trustee board decided that merging with Aware Super was in members’ best long-term financial interests, citing the potential for lower fees, access to more investment opportunities and a larger, more financially resilient fund structure. The merger was framed as a Successor Fund Transfer, meaning the trustee determined the new fund offered equivalent or better benefits to members overall.
Will fees change as an Aware Super member?
Aware Super charges administration fees per account rather than per member. If you had a single TelstraSuper account, fees may be similar or better. If you had multiple accounts, you will now pay fees on each separately. Review the Aware Super Product Disclosure Statement for your specific product type, available at aware.com.au.
Thinking Through Your Next Move?
The merger has happened and your account is already at Aware Super. What matters now is whether it’s the right structure for you going forward, particularly if you relied on Direct Access for your investment strategy and are now working out what to do next.
If you’re weighing up an SMSF, rolling to another fund, or just want to understand whether your current investment option inside Aware Super is appropriate for your retirement timeline, the Wealthlab team works with exactly these situations regularly.
Book a free chat with the Wealthlab team to talk through your options. No obligation.
For broader superannuation strategy questions, see our superannuation advice page or our SMSF page if direct investment control is what you’re after.
