Lost Super? Here’s how you can find lost super
Losing things is an unfortunate inevitability in life. It might be the keys you left in your jacket pocket without realising. It might be some coins that slid down the side of the couch, never to be seen again.
Or, it could be a super account, where Australians seem to misplace a lot of money. Here's how to find lost super.
How to find lost super
Whether you have lost track of your super, or your super is ‘lost', the ATO has made it easy to find your Super and have it moved to your account of choice.
Here’s how you can find your super:
- Go to my.gov.au
- Log in or create an account
- Link your myGov account to the ATO
- Select ‘Super’, then select ‘Fund details’
This will allow you to:
- see all your super accounts in one place – including any you’ve lost or forgotten about
- find any super belonging to you that is currently held by the ATO
- consolidate your super into a single super fund if you wish to.
Why lost super matters
Lost super accounts can reduce your retirement savings. Not only could the funds you’ve lost be used to spend in your retirement, but they could also be used to grow your balance even further through compound interest. Reuniting with your funds ensures your money is working for you, not sitting dormant.
How do you lose a super account?
You might not realise, but you could have more than one super account. For most of us, your employer is legally required to pay a percentage of your salary to a superannuation account.
Importantly, every time you start a new job, whether that be a casual position at your local supermarket or your dream job, if you do not tell your employer the details of your preferred super account, they will set up one up for you.
The more jobs you have had, the more chance you have multiple super accounts.
According to the ATO, men are more likely to lose their super, with 55 per cent of the lost super accounts belonging to men, 39 per cent to women, and six per cent unknown.
So, you may have lost touch with all your super accounts, but this does not mean that your super is ‘lost'.
By definition, a ‘lost' super account is where your superannuation provider has reported your Super account to the ATO after fulfilling specific criteria. Superannuation providers are also required to transfer “unclaimed” superannuation to the ATO if they meet certain criteria. Generally, situations where your super account will be transferred to the ATO include:
Your account is inactive
These are accounts that have a balance of less than $6,000 and where your super fund provider has not received any amount in the last 16 months.
Your account is unidentifiable
These are lost accounts where your super fund provider has not received any amount in the last 12 months, and they don’t have sufficient information to identify the account owner.
Your account is deemed as unclaimed
This is where you are over 65 years of age, haven’t received any amount in your super in the last two years and have not had contact with your super fund in the last five years.
Remember to check any insurances you hold in different super accounts before consolidating.
The best way to find your super is to not lose it in the first place, however. If you have more than one account, it might be worth considering consolidating everything into one fund of your choice.
How do you keep track of your super?
If you’ve just found all your lost super, you’re starting a new job or you just don’t want to lose your super in the first place, here are some things you can consider to keep track of your money.
1. Consolidate your super
Putting all your super into one super fund makes it simple to find and maintain. Plus, it could save you paying fees and insurance premiums on more than one account. Remember to check any insurances you hold in different super accounts before consolidating.
2. Check your super
Checking your super fund account regularly can help you keep track of your balance, making sure everything is there. It will also help you identify if your account details are up to date and still accurate. This could be especially useful if you’ve moved houses or changed your name.
3. Nominate your super
Let your employer know which super fund to pay the superannuation guarantee into. This could be especially useful if you have just changed super funds or if you’re starting a new job.
Visit Understanding Super for more useful information on building and tracking your super.
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