Australia has around $16 billion in lost or unclaimed super from 6.9 million super accounts. If you’re one of the millions who have lost track of your super and are asking “How do I find my lost super?” it’s better to act now, as your overall super balance could reduce over time.
By finding your lost super and consolidating it with your active super accounts, you can make it easier to manage your super, save on fees, and increase your retirement savings. So, read on and find out how to find lost or unclaimed superannuation.
Superannuation funds can be lost due to various factors like job changes, no contributions, age-related inactivity, low account balances, and small lost member accounts.
If you change your legal name, address, or job without informing your super fund, they may lose contact with you, and your account may be considered lost.
If your super fund fails to receive contributions or rollovers for an extended period, it may consider your account lost. Additionally, insoluble lost member accounts, that are inactive for five years with insufficient records to identify the account holder, may be considered lost.
If you’re over 65 and haven’t contributed in two years and your fund hasn’t contacted you in five years, your account may be considered lost.
If your account balance is below $6000, has had no contributions or rollovers for more than 12 months, and your super fund cannot reach you, it may be lost. Known as small lost member accounts or inactive low-balance accounts, these accounts with unclaimed superannuation money (USM) are transferred to the ATO to hold on your behalf.
Neglecting lost super funds can compromise your future security, as unpaid super contributions can lead to a potential loss of earnings and reduced retirement savings.
Having multiple super accounts can lead to paying multiple flat fees, which can significantly impact your savings over time.
Multiple accounts and fees can lead to poor overall performance of super funds that can eat away at your retirement nest egg.
To find your lost super, you can use the Australian Taxation Office’s (ATO) online services, check with previous employers, contact your previous super funds, or government services and platforms.
Follow these steps to locate and manage your lost super online on the ATO’s superannuation search tool:
1. Create or Access Your myGov Account
To create a myGov account, visit the myGov website and follow the instructions, or if you already have one, proceed to the next step.
2. Link the Australian Taxation Office to Your myGov Account
To access the Australian Taxation Office’s online services, link your myGov account to the ATO, following the instructions on the myGov website.
3. Access ATO Online Services
Sign in to myGov and select the Australian Taxation Office. Then, select “Super” from the “Information and Manage” options.
4. Locate Your Lost Super
The ATO online services allow you to check your super balances, find a lost member account, and compare products.
5. Update Your Contact Details
Ensure the ATO has your right contact information so they can match any lost super to you. Update your myGov contact information by following the website’s instructions.
You can also reach out to your former employer and ask them if they have made any superannuation contributions on your behalf. They may have paid in error and not updated their super payment system.
If you believe you have lost your super and it’s not in your ATO online services, contact your previous super funds. They may have transferred your money to the ATO, and you can update your contact details in myGov to match it to you.
Make sure you have your super fund’s name, your member account number, and your Tax File Number (TFN).
In addition to the Australian Taxation Office (ATO) and your current superannuation fund, there are other government services and platforms designed to assist Australians in locating lost accounts:
myGov: Log in to your myGov account linked to the ATO and click on “Manage my super” to search for your lost superannuation accounts.
SuperEasy Pty Ltd: This platform can assist you in finding your lost superannuation by creating a myGov account and using the SuperEasy Pty Ltd service.
Service NSW: Service NSW offers a “Check for lost super” service, where you can phone the ATO’s lost super search line on 13 28 65 or complete the PDF form “Searching for lost and unclaimed super” and post it to the ATO.
To find a lost super fund account, you can follow these steps:
1. Check with Your Super Fund and the ATO:
Contact your last known super fund to check if they hold your lost super or moved your unclaimed super money to the ATO.
You can also use the Australian Taxation Office (ATO) online services via myGov to search for your lost super.
2. Provide Necessary Information:
When searching for lost super, be prepared to provide personal details, tax file number, contact information, and details of your super fund or any previous details that might help in the search.
3. Consolidate Your Super:
Once you have located your lost super, consider consolidating it into a single fund to save on fees and make it easier to manage. It’s important to ensure you won’t lose any important benefits, such as insurance, before rolling over to another account.
4. Use Available Tools:
Some super funds, financial service providers, and financial advisers offer tools to help you track down your lost super.
5. Stay Informed:
Keep your super fund updated with your current address and tax file number to prevent your super from going missing again.
By following these steps, you can increase the chances of finding your lost super fund account and effectively manage your superannuation.
Locate your lost super, consolidate your super funds, and optimise the management of your super fund to avoid unnecessary fees, and ensure that you’re making the most of your retirement savings.
Superannuation is vital to your financial future in retirement as an Australian. Whatever stage you are at right now in your career, learning about how you can make the most of your long-term retirement savings plan is always good practice.
At Central Coast Financial Planning Group, we can provide the specialist superannuation advice, expert knowledge and guidance you need to help you make the right financial decisions for your superannuation strategy so you can confidently look forward to your future.
Call us or book online to secure your first appointment with us today and get started!
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DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
