Lost superannuation
05 Jun 2013
Keeping track of your superannuation is important for every Australian, but if you are approaching retirement age the need to get your finances in order is even timelier. Superannuation is a lifetime investment and your nest egg for the future. It’s important that you stay abreast of your super so it’s not lost or eaten up by fees.
Lost and unclaimed super
In Australia there are billions of dollars of unclaimed superannuation spread across countless funds. A common reason for this is that throughout a person’s life they may have held numerous jobs, and with each position had their super contributed to a different fund.
It is not uncommon for individuals to simply let these accounts accrue, deeming the task of rolling them into a single fund too difficult or inconvenient.
Another factor that leads to lost super is when an individual changes their name or address, meaning their super fund can no longer contact them. A super fund is required to transfer and report lost super to the Australian Taxation Office (ATO) if an individual is:
- Over 65 years old, hasn’t made a contribution for the last two years and has been uncontactable for five years.
- Deceased and the fund hasn’t been able to pay the benefit to the rightful owner because they are uncontactable.
- A former temporary Australian resident and it has been six months since they left Australia or since their visa expired.
- Entitled to be paid an ex-spouse's super in a divorce and the fund is unable to contact them.
- A lost member whose account balance is less than $2,000.
- A lost member whose account has been inactive for 12 months and their fund does not have the information needed to make a payment.
Why it’s important to find lost super
You superannuation is the money you will rely on for all your basic needs once you have retired, so the importance of having as much set aside as possible is unquestionable.
If you put off chasing your lost super, not only are you forgoing the amount lost, but you are also losing the interest that sum could earn you in your primary super account. By the time a person reaches retirement they are accustomed to a certain lifestyle and quality of life, which for many would not be achievable if they were to rely on the aged pension alone.
By devoting a small amount of time to getting your finances in order you could secure yourself a comfortable and financially stress-free retirement.
Retrieving lost super
SuperSeeker is a free online tool offered by the ATO that can help you find lost or unclaimed super. SuperSeeker can be used to check super accounts, find lost super, find ATO-held super and assist you to rollover your super into another account.
Type in your tax file number, full name and birth date into the Quick Search function on the SuperSeeker website (superseeker.super.ato.gov.au) to determine whether you have lost super. If the search indicates they have found lost super you will need to register online and provide information from personal documents to confirm your identity.
To save time, have the necessary information accessible such as details from a past notice of assessment or your super account member statement.
If SuperSeeker finds multiple funds in your name it is recommended that you roll them into a single fund. If the service finds that the ATO is holding unclaimed super in your name you can nominate a super fund for the balance to be transferred to. If you don’t want to use SuperSeeker online, contact the ATO by phone and they can perform a search for you.
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