Eliza Bavin* offers a simple guide on how to retrieve lost or forgotten super.
Around one in four Aussies could be missing out on a share of billions of dollars in lost or unclaimed superannuation, according to the Australian Taxation Office (ATO).
ATO Deputy Commissioner, Superannuation and Employer Obligations, Emma Rosenzweig, said despite the ATO working hard to reunite people with their retirement funds, $16 billion was still unclaimed.
“That’s a lot of money. And it’s an increase of $2.1 billion since last financial year,” Rosenzweig said at the Conference of Major Superannuation Funds 2023.
“Our new data also shows almost one in four (23 per cent) Australians hold two or more super accounts, which can contribute to individuals forgetting about or losing super.
“Not to mention being at risk of paying more fees and charges.”
Rosenzweig said finding lost or unclaimed super was easy and could be done in a matter of minutes.
“Super is one of the most important investments many Australians will have during their lifetime, which is why we want to reunite hard-working Australians with what is rightfully theirs.
“When it comes to protecting your financial future, every bit counts,” Rosenzweig said.
“People often lose contact with their super funds when they change jobs, move house, or simply forget to update their details.
“This doesn’t mean your super is lost forever – far from it.
“By accessing ATO online services through myGov, you can easily find your lost or unclaimed super.”
How to find your lost super
If you’ve ever changed your name, address or job, you may have more than one super account.
Having more than one super account could mean you’re paying multiple fees and charges, which may reduce your retirement savings.
Keeping track of your super and consolidating your accounts can be done online and is quick and easy to do.
- Link your myGov account to the ATO.
- You can consolidate multiple accounts using the ATO online services.
- Once you have linked your myGov account with the ATO, login to myGov
- Select ‘Super’ and then ‘Manage’
- From here, select ‘Transfer super’ (this option will only appear if you have more than one super account).
*Eliza Bavin, Personal Finance Editor, is a senior journalist focusing on economics, personal finance and company news amongst other things.
This article first appeared at au.finance.yahoo.com
