Imagine finding thousands in super that you’ve lost track of. Here’s how you can check if you have any lost or unclaimed super.
There are over seven million lost and Australian Taxation Office (ATO) super accounts with a total value of $17.8 billion1 – a share of this could be yours. Don’t miss out on super you’ve earned!
It’s easy to lose track of your super when you move or change jobs. However, it’s easy to find it and takes less than 10 minutes.
Check with the ATO within myGov. This will allow you to see details of all your super accounts, including any you’ve lost or forgotten about and find any ATO held super – this is held on your behalf when your super fund, your employer or the government can’t find an account to deposit your super into.
If you’ve recently opened a new super account, it may take up to six months to appear on MyGov. You can also find lost super using a paper form. See searching for lost super on the ATO website.
Combining your lost super accounts
There are many benefits to combining all your lost super and money with other super funds into one account.
Simpler fees: having your super in one account means only one set of fees.
Easier to manage: one place for contributions, paperwork and investing your super.
Avoid extra insurance costs: only one set of premiums if you have insurance with multiple funds.
If you are considering combining your super accounts, weigh up the benefits and features of each of super fund and make sure you understand any benefits that you have which may be lost before you roll over any monies.
Don’t forget your insurance. One or more of your funds may include insurance. Any insurance you have will be lost if you close your account. So, before you roll over any monies, make sure you have the appropriate levels of insurance cover.
How to prevent any lost super in the future
When you start a new job, tell your employer your super details so you know where your super is going. If you don’t let them know, they have to ask the ATO where your stapled super fund is.
Make sure you update your contact details with your super fund whenever you move house or change your phone number/email.
And if you combine all your super into one account, you only have one account to keep track of.
Make sure your super will see you through the retirement you’ve dreamed of, book a time to chat here, and put your mind at ease.
1ATO: Total lost and ATO held super as at 30 June 2024 https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/super-accounts-data/super-data-lost-unclaimed-multiple-accounts-and-consolidations/total-lost-fund-held-and-ato-held-super.
Source: MLC
