Lost and Unclaimed Superannuation
Chances are if have had more than one job you probably have more than one superannuation account, especially if you have been happy to go with your employer’s default choice. If you haven’t kept track of where your superannuation is, you could possibly have thousands of dollars of lost superannuation sitting in multiple superannuation funds, or held by the Australian Tax Office as unclaimed super.
The good news is, finding your lost or unclaimed super is quite easy and by rolling all of your superannuation accounts into single fund (known as ‘ consolidating your super’) you may be able to save on fees and charges.
According to the Australian Tax Office their is over $18,200,000,000 in lost and unclaimed superannuation. That is a lot of money and with the average person having 3 superannuation accounts chances are some of it might be yours.
Lost super refers to superannuation that is not eligible to be withdrawn yet (known as preserved benefits) but the superannuation fund is unable to contact you. You can lose track of your super by
- changing employers
- changing your name
- changing your address
Finding and consolidationg your lost superannuation is quite easy but care should be taken as there are a few things to keep in mind.
Unclaimed superannuation refers to superannuation that is eligible to be withdrawn from your superanuation fund, but the superanuation fund is unable to contact you. Unclaimed superannuation can include the superannuation of:
- fund members aged over 65
- non-member spouses
- deceased members
- former temporary residents
- fund members with small or insoluble lost member account.
Generally, unclaimed superannuation has to be reported to the Australian Taxation Office by superannuation funds twice a year, and any unclaimed superannuation is paid to them. The Australian Taxation Office then adds this data to its Superannuation Unclaimed Money Register. See myGov website for more information.