Australians have reclaimed $2 billion* of their lost superannuation in just 24 months according to new data announced today by BT.
In two years the total amount of lost super has reduced 12% to $14.8 billion as more Australians engage with their superannuation and it becomes even easier to track down.
Since the launch of its new SuperCheck service, BT has helped more than 118,000 Australians rein in nearly $254 million in super.^
BT’s General Manager of Superannuation, Melinda Howes says it is a pleasing trend.
“More Australians are taking control and claiming back what is theirs in lost super so it’s great to see people taking an active interest in their long-term savings.
“The reduction in lost super is even more impressive, when you consider that over that period of time the pool of super has grown to be a staggering $2 trillion."
While the trend was pleasing, there is still a long way to go.
“There is still billions sitting in lost super that people may have forgotten about, and it’s one of the biggest financial opportunities to better secure Australians’ retirement savings,” Ms Howes says.
“There is lost super to be found in all suburbs and towns across the country, and it is so easy to find if any of it is yours.”
There are many reasons why Australians may have inactive, missing or lost super.
You are especially vulnerable to lost super if you have recently moved homes, changed jobs or married.
Ms Howes said that despite high levels of lost and unclaimed super, the good news is that super is never really lost and is easy to take back.
“In fact we know from what our customers tell us that they put off searching for super because they think it will take a long time, but this isn’t actually the case. Super can be found in a few minutes,” Ms Howes says.
To help Australians rein in their super, BT launched SuperCheck to help customers find and sort all of their super easier and faster. SuperCheck is available to all BT Super for Life customers.
Recently Rosemary Cooke, 42, a domestic cleaner from Engadine used SuperCheck to rein in $4,000 in super.
“I knew I had more super out there, but had been putting it off for a while. The process was simple, fast and helped me to be reunited with my own money,” Ms Cooke says.
To find out more, go to bt.com.au/supercheck
*There is $14.8 billion in ATO-held super as at 30 June 2016. ATO-held super is different to lost super. ATO held super is money held by the ATO including Super Guarantee amounts paid to them by a previous employer, Government Co-contributions paid by the government or unclaimed super amounts transferred from super funds.
There is a total value of $11.6 billion in lost super (Source: ATO, 30 June 2016).
Please note that addresses (including postcodes) are reported by superannuation funds over a number of years. This means the postcode data may not reflect the postcode in which the member now currently resides and the postcode data may include postcodes that are no longer valid.
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 default employer super plans, no contributions or rollovers have been added to your super account in the last five years.
ATO sourece website.
^From 1 October 2016 to 30 June 2017, over 118,000 Australian customers have run a SuperCheck helping them to rein in nearly $254 million in super.
#Source: ATO website.
This information is current as at 30/06/2017.
This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it.
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 1300 653 553 or by visiting bt.com.au or any Westpac branch. 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 AFSL and Australian credit licence 233714 (Westpac).
An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. None of Westpac, any other company in the Westpac Group or any appointed investment manager stands behind or otherwise guarantees the capital value or investment performance of BT Super for Life.
Before requesting a rollover of your superannuation benefits you should consider where your future employer contributions will be paid. If you wish to change the fund into which your employer contributions are being paid, you will need to contact your employer. You should also 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). You may not receive the same type or level of benefits after the rollover and may lose any insurance entitlements you have in other fund(s).