Many Australians inadvertently lose track of their superannuation over time. Changing jobs, moving residences, or simply forgetting about old accounts can lead to substantial amounts of money sitting unclaimed. Fortunately, finding lost superannuation is a straightforward process, and taking action can significantly boost your retirement savings. This guide provides actionable steps to help you reunite with your hard-earned super.
Understanding Lost Superannuation
Before diving into the search, it’s helpful to understand what ‘lost super’ truly means and why it happens. Superannuation becomes ‘lost’ when your super fund loses contact with you and can no longer find an active address. This often occurs when you change jobs, move house, or change your name without updating your details with all your super funds.
Why Super Becomes Lost
There are several common reasons why individuals end up with lost superannuation. Understanding these can help prevent future occurrences and guide your search.
Changing Jobs: When you start a new job, your new employer might open a new super account for you if you don’t provide details for an existing one.
Moving House: If your super fund doesn’t have your current address, they can’t send you statements or contact you.
Name Changes: A change in your legal name, such as after marriage, can make it harder for funds to match your records.
Small Balances: Funds with small balances might be transferred to the ATO as ‘unclaimed super money’ if the fund loses contact with you.
Forgetting Old Accounts: Over a working lifetime, it’s easy to forget about super accounts from previous, short-term employment.
The First Step: Check With Your Funds and Employers
The most direct way to start your search for lost superannuation is by checking with your past and present super funds and employers. This initial step can often quickly resolve the issue.
Contact Previous Employers
Reach out to any employers you’ve had in the past, especially those where you might have worked for a short period. They should be able to provide details of the super fund they paid into on your behalf. Keep a record of all the super funds you’ve contributed to throughout your career.
Review Old Statements and Records
Gather any old superannuation statements, payslips, or annual reports you might have. These documents contain crucial information, including your super fund’s name and your member number. Even old emails or physical mail can provide clues to help you find lost superannuation.
Use Online Member Portals
If you remember the names of your previous super funds, try logging into their online member portals. Many funds allow you to access your account information, even if it’s an inactive account, provided you have your old details or can verify your identity.
Utilising Government Resources to Find Lost Superannuation
The Australian Tax Office (ATO) plays a significant role in helping individuals find lost superannuation. They maintain a comprehensive database of all super accounts, including those where funds have lost contact with their members.
The ATO’s Role in Finding Lost Super
The ATO is the central point for identifying and consolidating super accounts. They receive information from all super funds across Australia. You can use their services to locate super accounts that you may have forgotten about or lost track of.
Accessing MyGov and ATO Online Services
The easiest and most effective way to find lost superannuation through the ATO is by linking your myGov account to the ATO. Once linked, you can:
View all your super accounts: This includes active accounts, inactive accounts, and any ‘unclaimed super money’ held by the ATO.
Consolidate your super: You can initiate a transfer of funds from one account to another directly through the myGov portal.
Update your details: Ensure your contact information is current with the ATO, which helps funds keep in touch with you.
You will need your Tax File Number (TFN) and personal identification details to set up or access your myGov account and link it to the ATO.
SuperMatch Tool
While primarily used by super funds, the ATO’s SuperMatch tool allows funds to identify all super accounts for their members. This can indirectly help you, as your current fund may use it to proactively identify and offer to consolidate your accounts.
Consolidating Your Super
Once you’ve managed to find lost superannuation, the next logical step for many is to consolidate it into one account. This strategy offers several benefits.
Benefits of Consolidation
Fewer Fees: Having multiple super accounts often means paying multiple sets of administration fees and insurance premiums, eroding your savings.
Easier Tracking: Managing one account is simpler than monitoring several, making it easier to track your investments and contributions.
Potentially Better Returns: By combining your super, you might reach a balance that qualifies for better investment options or lower fees with your chosen fund.
Less Paperwork: Receiving statements from a single fund simplifies your financial administration.
Steps to Consolidate
Consolidating your super is typically a straightforward process:
Choose your preferred fund: Select the super fund you want to keep and consolidate all your other super into. Consider fees, investment performance, and insurance options.
Initiate the transfer: You can do this via your myGov account, directly through your chosen super fund’s online portal, or by filling out a paper form provided by your fund.
Provide necessary details: You’ll usually need your TFN and the member numbers for the accounts you wish to roll over.
Preventing Future Lost Superannuation
Finding lost superannuation can be a time-consuming task, so taking proactive steps to prevent it from happening again is wise.
Keep Your Contact Details Updated
Always ensure your super fund has your current address, phone number, and email address. Update these details whenever they change.
Choose a Stapled Super Fund
Since November 2021, when you start a new job, your employer will pay your super into your existing ‘stapled’ super fund unless you choose a different one. This helps prevent the creation of multiple accounts. Make sure your stapled fund is the one you prefer.
Regularly Review Statements
Take the time to review your super statements when they arrive. This helps you stay informed about your balance, contributions, and any changes to your account. If you stop receiving statements, it’s a sign that your fund may have lost contact with you.
Conclusion
Don’t let your hard-earned superannuation remain lost. By following these steps, you can effectively find lost superannuation and take control of your retirement savings. Whether it’s through contacting old employers, reviewing statements, or utilising the ATO’s powerful myGov service, reuniting with your super is an achievable goal. Take action today to ensure your financial future is as robust as possible by consolidating your super and preventing future accounts from going astray.