Superannuation fund, QSuper is urging residents across the State to take stock of their retirement savings.
Chief Executive at QSuper, Michael Pennisi said the latest figures from the Australian Taxation Office (ATO) revealed there was almost $2 billion in lost and unclaimed super funds sitting in more than half a million unused accounts across Queensland.
“QSuper analysis shows residents in the Brisbane metropolitan area own more than one-third of the State’s lost and unclaimed super, with around $645 million sitting in more than 123,000 unused accounts,” Mr Pennisi said.
“ATO data also shows that the overall amount of lost and unclaimed super in Queensland has reduced. Brisbane residents were reunited with around $228 million in lost and unclaimed super in the financial year ending June 2020,” he said.
State-wide, the pool of lost and unclaimed super was reduced by more than $851 million in the last financial year.
Even so, Mr Pennisi said, Queenslanders could have thousands of dollars being held by the ATO, and potentially more money sitting with old super funds if they had changed jobs numerous times.
“I encourage all Queenslanders to take a moment to make sure they are not missing out on the money that’s rightfully theirs,” he said.
“Money in multiple super fund accounts means multiple fees and potentially insurance premiums eating into future income.”
He said finding and consolidating super was a quick and simple process using the ATO online services through myGov.
