Finding Lost Super
Are you worried that you may have lost one or more of your superannuation accounts?
Are wondering how to go about finding lost super?
Perhaps you have changed employment or had multiple jobs that paid into different funds. Maybe you have changed your name or address.
Many Australians have forgotten about super money or have funds they do not know about. A recent Westpac survey says that 46% of Australians are missing out on billions of dollars of lost superannuation. Finding and reclaiming these funds could give your current superannuation a welcome boost.
What is Lost Super?
If your super account is inactive for five years, if you have lost track of your fund or they have lost track of you, your super could become known as lost super. This money is transferred into holding funds. The balance may be eaten away thanks to fees and insurance.
Millions of dollars of retirement income have gone lost or unclaimed in Australia, when people have changed jobs and have forgotten to take their superannuation with them. When starting a new job, they have simply started up a new super account and each fund charges fees and administration costs.
Almost one in two superannuation fund members have either lost or not claimed their super.