It can be easy to forget about old or inactive superannuation accounts, but with a staggering amount of $14.12 billion in lost super1 across Australia, it’s worth taking the time to look for retirement savings that are rightfully yours.
We spoke to several people to find out how long they thought it would take to find and track down their super.
SuperCheck is a service which allows you to search for super accounts in real time.
Since February 2017, 66,601 customers have run a SuperCheck helping them to locate over $1.7 billion in super2.
Recently Adam Head, a 32-year-old travel consultant from Maryborough, Queensland, used SuperCheck and found more than $30,000 across five different accounts that he wasn’t aware existed. Finding his super was easy, Adam says “It took about a minute to locate all my super, so it’s great that there are quick and easy ways to help me stay on top of my retirement savings.”
1. Source: The ATO website reported $14.12bn in lost super as at 30 June 2017.
2. Source: BT, 7 February 2017 to 19 June 2017. Numbers refer to Westpac Group customers only.
Open an account online - see below on how to open an account.
Head into your nearest branch and ask about how you access SuperCheck.
Call 1300 653 553 Monday to Friday, 8.00am - 6.30pm (Sydney time) to talk to a super specialist.
Things you should know:
* When you open a BT Super for Life Account you will automatically receive low cost, pre-approved cover for Death and TPD (some eligibility criteria and age restrictions apply). Cover is subject to a pre-existing conditions exclusion. Other exclusions may also apply. Please refer to the BT Super for Life Product Disclosure Statement (PDS) and the Insurance in your Super section of the Additional Information Booklet for more information.
This information may contain material provided by third parties and has been derived from sources believed to be accurate at its issue date. It should not be considered as comprehensive information on any matter nor relied upon as such. While such material is published with necessary permission, no company in the Westpac Group accepts any responsibility for the accuracy or completeness of, or endorses any such material. Except where contrary to law, we intend by this notice to exclude liability for this material.
The information above is factual only and does not constitute financial product advice. It does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before taking any step. Visit bt.com.au/supercheck to find out more.
SuperCheck involves a search for superannuation being undertaken by BT Funds Management Limited ABN 63 002 916 458, AFSL No. 233724 (BTFM), the trustee and issuer of interests in BT Super for Life, which is a part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Statement (PDS) for BT Super for Life can be obtained by calling 1300 653 553 or by visiting bt.com.au. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose interests into BT Super for Life.
BTFM is a member of BT Financial Group - A Division of the Westpac Banking Corporation ABN 33 007 457 141 (Westpac) Group. An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of BT Super for Life.
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 fund(s) to determine whether there are any fees, including 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. If you have a pre-existing medical condition you may not receive a benefit for a death or disability claim. Please check to see if you are covered before submitting your application.
© 2017 BT Financial Group - A Division of Westpac Banking Corporation. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. Information current as at 09/06/2017.