Find lost super

Billions of dollars are sitting in lost and unclaimed super accounts and some of that money could be yours. We explain how you can find lost super.

How super can become ‘lost’

In our busy lives it can be easy to lose track of super funds over the course of a working career. If you have ever changed jobs, held multiple part-time or casual jobs, or relocated without letting your super fund know your new address, chances are you could have some ‘lost’ super.

Understanding lost super

Your super account will generally be considered 'lost' if:*

  • no contributions or rollovers have been added to your super account in the last year and either; your super fund never had an address for you, or mail sent to you by your super fund has been returned unclaimed,

  • or for employer default super plans, no contributions or rollovers have been added to your super account in the last five years.

If your super account is considered lost it, could be transferred to the ATO if:

  • your account balance is less than $2000, or

  • your super fund is unable to identify you as the owner of the account based on the information reasonably available to them

  • your super could also be transferred to the ATO in certain other circumstances.

The ATO could also be holding other super amounts for you:

  • such as Super Guarantee amounts paid to them by a previous employer or Government Co-contributions or Low Income Super Contributions paid by the government

  • another way to find lost super is by using the ATO SuperSeeker Service

  • there are other circumstances in which the ATO could be holding your super.

Six million unclaimed accounts

Lost uncontactable and lost inactive accounts are still held by super funds, whereas unclaimed super money is transferred to the Australian Taxation Office.

Tax Office figures show as at 31 December 2015 there were a total of just over six million lost and Tax Office-held accounts with a total value of just over $16 billion. 

If some of that belongs to you, you could be missing out on something more than extra retirement savings. You might have life insurance you didn’t know about.

Some lost superannuation funds have a life insurance policy that’s still active, often with the premiums being deducted from the fund balance.

This means your family could be financially protected by one of these policies, if tragedy strikes.

It’s another good reason to find lost super. 

Find lost super

To find out if any of these accounts belong to you, you can create a myGov account on the Australian Government myGov website and link it to the Tax Office.

The important thing is that you don’t have to pay to find and reunite with lost super. So be wary of providers that charge a fee for this service. 

To get more advice about how to find lost super, contact us to speak to a BT Super Specialist
Consolidating your super means transferring multiple balances into a single super account. It makes it easier to keep track of your super savings and could see you save on account keeping fees.
Having just one super account could mean saving on account keeping fees and it makes it easier to track and manage your super during your working life and in retirement.
A change of jobs can be a busy time, but be sure to take your super along with you. It’s a great way to keep tabs on your super throughout your entire working life.

*The information provided is factual only and does not constitute financial product advice. This information is given in good faith and has been derived from sources believed to be accurate. It should not be considered a comprehensive statement on any matter nor relied upon as such. No company in the Westpac Group accepts responsibility for the accuracy or completeness of this material. Except where contrary to law, we intend by this notice to exclude liability for this material.

This information is current as at 15/08/2016.

This information has been prepared without taking account of your personal objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs.

This information provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.

Before requesting a rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits.