How To Start Locating Your Lost Superannuation
It's estimated that as many as one in three Australians have lost super. How could this be? In our busy lives, chasing down the super of previous jobs is probably not high on the list of priorities for many people. Some Australians may think it's just a few dollars because it was from a low-paying job while they were a student and that it's probably no longer ‘theirs'. Thiscould not be further from the truth.
There is over $13 billion sitting idly in ‘lost super'. This could be due to range of factors such as a lack of knowledge of what super they're entitled to, regularly changing jobs or forgetfulness.Many Australians have let go of a vast amount of money that could be theirs to save and invest in a super fund of their choice for their post-retirement living.
How is it possible that you could have lost superannuation? You probably think it's unlikely you could not have let it fall through the cracks,but think again. If you've ever changed jobs and you didn't transfer your super balance to your new super fund, then it's possible you have lost super. Super funds do not automatically transfer the balance of money you've accumulated into your new super account.
It is a good idea to take preventative measures to ensurethat yourfunds don't become lost superannuation. Try to keep track of your super from your first job, or, think back and make a record of any lost superannuation in Australia that you might have.
How to prevent lost superannuation:
Make sure your contact details are up-to-date with every superannuation fund you have. If your super has been inactive for 5 years i.e.you haven't made a super contribution and your fund has made two failed attempts to contact you, it will be grounds for the fund to consider your funds as lost super and send it to the ATO.
After you've made a record of every super fund you've ever held, it's a good idea to consolidate your money into one fund. This could save youmultiple management fees and you will only have to keeptrack of one super account.
Some tips to locate your lost super:
There is over $13 billion sitting idly in ‘lost super'. This could be due to range of factors such as a lack of knowledge of what super they're entitled to, regularly changing jobs or forgetfulness.Many Australians have let go of a vast amount of money that could be theirs to save and invest in a super fund of their choice for their post-retirement living.
How is it possible that you could have lost superannuation? You probably think it's unlikely you could not have let it fall through the cracks,but think again. If you've ever changed jobs and you didn't transfer your super balance to your new super fund, then it's possible you have lost super. Super funds do not automatically transfer the balance of money you've accumulated into your new super account.
It is a good idea to take preventative measures to ensurethat yourfunds don't become lost superannuation. Try to keep track of your super from your first job, or, think back and make a record of any lost superannuation in Australia that you might have.
How to prevent lost superannuation:
Make sure your contact details are up-to-date with every superannuation fund you have. If your super has been inactive for 5 years i.e.you haven't made a super contribution and your fund has made two failed attempts to contact you, it will be grounds for the fund to consider your funds as lost super and send it to the ATO.
After you've made a record of every super fund you've ever held, it's a good idea to consolidate your money into one fund. This could save youmultiple management fees and you will only have to keeptrack of one super account.
Some tips to locate your lost super:
- You can try to locate lost funds with the ATO's SuperSeekertool.
- Call your previous employers to see if they have on record which super fund you were with.
- Once you've made a list of the super funds you were previously with, contact them to ask if they have any of your super. You may need a member number and/or tax file number.
- Enquire what the process is for recovering your money, and then complete the necessary forms required to withdraw or consolidate your super benefit into your current fund.
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