The figures for lost super are staggering –
- 6 million super accounts have no owner
- 15% of all super accounts are orphaned
- $5.4 Billion is sitting in those accounts
Commonly you’ve changed jobs and switched super fund or moved house and forgot to tell old funds of your new address; just a couple of reasons why you could be missing out on what’s rightfully yours.
As an employer, maybe you could do a search and impress your staff with the results for them to follow-up. (Privacy laws mean they will have to provide proof of identity, to make a claim). What a great boss!
So, don’t put it off anymore, find out! After all, apart from major investments like the family home or car, superannuation is probably going to be the biggest investment you’ll own. And the benefits in retirement far out-weigh not having it.
The best place to start is http://www.ato.gov.au/super/content.aspx?doc=/content/33301.htm. You can do an online search for any superannuation that you haven’t claimed, just by clicking on the ‘SuperSeeker’ tool. The advantages of using this search engine is not only the fact that it will look for your lost super in real-time and instantly provide you with possible matches, but it’s free to use and is accessible 7 days a week. All you need to do is pop in your name, date of birth and your tax file number and it will do the hard work for you. It’s that simple!
Another way to go about finding your super is by visiting Australia’s Unclaimed Super Fund. AUSfund works with about 25 super providers and has more than half a billion in its coffers. Its website says, it’s helped 165,000 Australians with over $82 million worth of lost super in the past year alone.
You can visit the website at www.unclaimedsuper.com.au, and all you’ll need to do is answer a few simple questions about your employment and residential history. If they happen to find that they do hold a super account for you, they’ll contact you about your options.
What will happen if not claimed?