Newsletter Articles

Finding Your Lost Super

Believe it or not there is more superannuation accounts then people in Australia. Billions of dollars in lost super are just waiting to be found. If you have changed your job, address or name recently and haven’t notified your super fund, this money could be yours.

Unclaimed money is superannuation that is payable to a fund where that member has left the account inactive for a period of at least two years and cannot be contacted by the fund’s trustee.

Superannuation funds are required to report and pay unclaimed money to the Commissioner of Taxation under the Superannuation Act 1999. Furthermore, when a member of a regulated superannuation fund becomes lost, the fund must provide details to the Tax Office about the member. These details are then stored on the Lost Members Register.

It is estimated that one in three Australian’s have lost touch with their super accounts. If this is you there are a number of ways you can search for your lost superannuation. The easiest way is to search for it using Super Seeker, available online or via a phone service.

Super Seeker will look for your lost superannuation in real time and instantly provide you with possible matches. Super Seeker uses your tax file number to find any lost accounts you may have recorded on the Lost Members Register.

If you discover you are one of the thousands of Australians who have lost super funds, it might be an idea to consolidate your various accounts into one. Having your money divided up between lots of little nest eggs means multiple expenses which can eat into the value of your super. However beware of hidden costs and losing valuable benefits when transferring money from your old fund. If you have lost track of your super, now is the time to take action and reclaim what is rightfully yours.