Look for your share of $20.8bn in lost super

FOR the first time many Australians have paid attention to their superannuation by accessing it early and some may find money they never knew they had.

There is more than $20.8 billion sitting in lost and unclaimed super waiting to be clawed back, latest figures by the Australian Taxation Office have found.

And NSW holds the most amount of lost retirement money waiting to be reclaimed by its rightful owners – at more than $81m.

Super funds are required by law to hand over inactive low-balance accounts to the ATO, but many people will be unaware they even have missing money.

An ATO spokesman said they can help join Australians up with their missing accounts.

“We will also be able to proactively reunite unclaimed super money we hold for you into one of your active super accounts,” the spokesman said.

“You can check or subscribe to email updates for the latest super updates.”

Lost super is when the fund has not been able to contact you or has not received any contributions from you in the last five years.

It is also when your account was transferred from another fund as a lost member and no new address has been found.

As opposed to lost super, unclaimed super is usually where the member is 65 years old or older or they are deceased and unclaimed money is held on their behalf.

AustralianSuper group executive of membership Rose Kerlin said July was a great time to take stock of your financial situation and see if you could retrieve lost money.

“The new financial year is the perfect time to tidy up your finances and track down any lost super you might have,” she said.

“With over $20bn in lost and unclaimed super being held by the ATO it is definitely worth taking the time to check if any of these savings belong to you.”

She warned that having more than one super account could mean you are paying unnecessary fees and charges.

“People who have multiple super accounts are paying multiple fees and they might also be paying for insurance that doesn’t suit their needs,” Ms Kerlin said.

“Before moving your savings, ask your super provider about fees or charges that may apply and any other information such as what effect a transfer may have on your benefits such as insurance cover.”

Latest figures show from November last year through to May, 2.5 million accounts of unclaimed super have been reunited with people, worth $3.3bn.

• Ring the automated ATO search line on 13 28 65.

• Log in to your myGov account and click on the ATO icon. Go to “super”, then “manage”, then “transfer super”. (This options will appear if you have super to consolidate.)

• If you do not have a myGov account make sure you register.

Picture: iStock.