How to find lost super
Could some of Australia’s $21 billion belong to you?
More than $21 billion in lost and unclaimed superannuation is currently sitting idle 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. That is real money that could be working harder for your retirement. Tax time is a natural moment to check if any of it belongs to you.
How does super become “lost”?
Super generally becomes lost when an account becomes inactive and the fund can no longer contact the member. Common triggers include:
Changing jobs and leaving an old account behind;
Moving house or updating your phone number without telling the fund; and
Changing your name.
When the fund cannot reach you, the account may be classified as lost. In some cases, the balance is eventually transferred to the ATO to hold until the rightful owner claims it.
The money does not disappear; it simply sits waiting to be reunited with its owner.
How can you find lost super?
Finding lost super is straightforward and free. The quickest way is through ATO online services via myGov:
Log in to myGov and open the ATO section.
Select Super, then Fund details.
You will see any active accounts plus any lost or ATO-held super linked to your tax file number.
You can also use the ATO app or call the automated lost super search line on 13 28 65. A paper form is available if you prefer.
Many people are surprised by what turns up: old accounts from early jobs, small balances that have grown over time, or larger amounts they had completely forgotten about.
Why is finding lost super especially valuable near retirement?
For clients still decades from retirement, finding lost super is useful. For those at or approaching retirement age, it can be particularly meaningful.
An extra $20,000 or $40,000 (or more) can make a noticeable difference to the size of the nest egg available to draw on. Even smaller amounts can compound further once consolidated into a single active account that continues to earn returns and attract any future contributions.
What should you check before consolidating super accounts?
Check the insurance cover attached to each account before rolling multiple accounts into one preferred fund.
Death, total and permanent disability, or income protection cover that comes with a super account can sometimes end when the balance is rolled over. Losing that cover without realising it can leave a gap in your protection at the exact time you may need it most.
Speak with your fund or adviser before consolidating so you understand exactly what will transfer and what will not.
What are the potential benefits of consolidating lost super?
Every dollar sitting in a lost or low-balance account is potentially earning less than it could, or incurring unnecessary fees. Bringing the money into one active account usually:
Reduces fees;
Improves investment choice; and
Makes it easier to keep track of your overall position.
The ATO’s reunification figures show that when people do the search, meaningful amounts are regularly returned.
The process takes only a few minutes and costs nothing. Given that more than $21 billion is currently waiting to be claimed, the odds that some of it belongs to you are higher than many people expect.
Start your free lost super search
You can start the free search through the ATO’s guide to searching for lost superannuation »
For help interpreting what you find, or advice on if consolidation makes sense in your circumstances — including the insurance check — get in touch with Collins Hume on 02 6686 3000.
A short conversation now can put money back into your retirement savings that might otherwise stay forgotten.
