Find your lost superannuation: If you discover that you have lost super, it could significantly boost your retirement. It might mean you can retire earlier than planned and enjoy your retirement sooner.
39 percent of working Australians have more than one superannuation account. Having multiple super accounts can mean paying more fees and experiencing less growth in your savings.
You can find lost superannuation accounts and combine them into one super account. By taking a moment today to manage 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 major reason for lost super is that employers often have their own preferred superannuation funds. When employees do not nominate their own fund, employers typically set up a new account in their preferred fund. This can result in employees having multiple superannuation accounts over time.
The Importance of Finding Lost Super
Finding your lost super is important to maximize your funds at retirement. Each superannuation provider charges an administration fee, and the more super funds you have, the more fees you will pay. 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 refers to money in superannuation accounts that you may have forgotten or lost track of. In contrast, unpaid super is when employers underpay employees by not depositing the required super contributions into workers’ super funds.
How to Find Your Lost Superannuation Money
ATO Lost Superannuation Search
If your super fund had trouble contacting you and didn’t receive any contributions over the past five years, it will report you as a lost member. You can use the Australian Government’s “Searching for Lost Super” form to check for lost super.
What to Do When You Find an Old Super Account?
If you find multiple super accounts or lost super, consider consolidating these accounts, especially if you’re paying high fees or have multiple insurance policies, as these can significantly reduce your retirement savings.
Option 1: Let Your Chosen Super Fund Handle the Transfer
With your approval, your preferred superannuation provider can contact any other super funds where you have money and request a transfer into your chosen account.
Option 2: Do It Yourself via the ATO
You can also handle the consolidation yourself via myGov. Before proceeding, ensure you have designated another superannuation account that you’ve decided to stick with.
