Find your lost superannuation, If you discover that you have lost super, it could have the potential to give your retirement a major boost. It could mean that you are able to stop working a bit earlier than initially planned and therefore enjoy your retirement earlier than expected.
39 percent of working Australians have more than one superannuation account (super fund). That can mean paying more fees and getting less growth in your savings.
You can find lost superannuation accounts and then combine them into just one super account that you keep close track of. By taking a moment today, to get a handle on all of your super accounts, you could potentially have more money in your pocket when you retire.
Why Multiple Super Accounts Are So Common
One of the major reasons why millions of taxpayers end up with lost super is generally, because employers have their own preferred superannuation fund. This means that every time a new employee starts and doesn’t nominate their own fund then that employer in most cases proceeds to set up a superannuation account with their own preferred fund. This cycle repeats itself over and over again whenever this employee starts a new job. This means that ten years into the future employees who do this could end up with potentially 3 or 4 or even more superannuation accounts.
The Importance of Finding Lost Super
The most important reason for why it is advised you find your lost super is to put more money into your pocket at retirement time.
Every superannuation provider will charge an administration fee this is a fee or percentage take they in order to manage your money. Super funds can also include insurances, which you will also pay an annual fee for. The more super funds you have, the more fees you will be required to pay and the less money you will have when you retire.
It is estimated that approximately 50 percent of Australian workers have some level of lost Super.
Lost super is different to unpaid super
Lost super means money in superannuation accounts that you forgot or have lost track of or maybe never knew existed. In comparison, unpaid super is a different, serious problem where some employers underpay employees by not depositing the required employer super contributions into workers’ super funds.
How to find your lost superannuation money
If your super fund had trouble contacting you and didn’t receive any regular contributions over the past five years, then they will report you as a lost member.
To confirm if you fall into this category, you can use the Australian Government’s “Searching for Lost Super” form.
It is important to be aware that, this is a limited search and only provides information on “lost super” or “ATO held super”.
What to do when you find an old super account?
If you discover that you have multiple super accounts or you find lost super you weren’t even aware of, you should consider consolidating these accounts. This is particularly important if you are paying a lot of fees or insurance policies on multiple super accounts, because that can cut into your retirement savings a fair bit.
Option 1: Let your chosen super fund handle the transfer
With your signed approval, your preferred superannuation provider can contact any other superannuation fund that you have money with and make a request for them to transfer it into your preferred account.
Option 2: Do it yourself via the ATO
If you want to take care of it yourself you can so via myGov. You will need to designate another superannuation account the one you’ve decided to stick with prior to proceeding.