More than $21 billion in lost and unclaimed super is currently sitting across Australia.
According to the latest ATO figures, the average lost account holds around $41,000. Last year alone, the ATO reunited more than $1.1 billion with members.
If you’ve changed jobs, moved house, changed your name or simply lost track of an old super account, it’s worth checking whether some of that money belongs to you.
How does super become lost?
Super can become lost when an account is inactive and the fund can no longer contact you.
This can happen when you:
- Change jobs and leave an old super account behind
- Move house or change your phone number without updating the fund
- Change your name
In some cases, the balance is eventually transferred to the ATO until it can be reunited with you.
The money hasn’t disappeared. It may simply be sitting there waiting for you to find it.
How do you check for lost super?
Checking is free and can be done through ATO online services in myGov.
Log in to myGov, open the ATO section, then select Super and Fund details.
You’ll be able to see your active super accounts along with any lost or ATO-held super linked to your tax file number.
You can also search using the ATO app, call the automated lost super search line on 13 28 65 or use a paper form.
It only takes a few minutes and you may find an account from an old job or a balance you’d forgotten about.
Approaching retirement? It’s particularly worth checking
Finding lost super is useful at any age, but it can be particularly important if you’re approaching retirement.
An extra $20,000, $40,000 or more could make a noticeable difference to the amount you have available for retirement.
Even smaller balances can continue earning returns once consolidated into an active account.
Before you consolidate, check your insurance
Finding an old super account doesn’t automatically mean you should roll it into another fund.
First, check whether the account includes insurance.
Death, total and permanent disability or income protection cover attached to a super account can sometimes end when the balance is rolled over.
If you consolidate without checking, you could lose the cover you wanted to keep.
Speak with your super fund or adviser first so you understand what will and won’t transfer.
Why consolidate your super?
Having money spread across lost or low-balance accounts may mean paying unnecessary fees and can make your overall super position harder to keep track of.
Bringing super into one active account can reduce fees, improve investment choice and make your super easier to manage.
But whether consolidation is right for you depends on your circumstances, including any insurance attached to your existing accounts.
Could you have super waiting for you?
With more than $21 billion in lost and unclaimed super across Australia, checking your accounts is worth a few minutes.
You can search for lost super for free through the ATO.
If you find an old account and aren’t sure what to do with it, talk to the team at Lead Advisory Group before consolidating.
We can help you understand what you’ve found, consider whether consolidation makes sense for your circumstances and make sure you’ve considered any insurance attached to your existing super accounts.
Get in touch with Lead Advisory Group to talk through your super and retirement plans.
