How to find lost super16 Aug 2021 4 min read
The Australian Taxation Office (ATO) recorded $13.8 billion1 in lost or unclaimed super accounts across Australia as of 30 June 2020. Could some of this money be yours?
Your superannuation is essential for ensuring you enjoy your retirement. However, it’s easy to lose track of some of the super you've earned throughout your working life, especially as you move between jobs or change address.
The good news is you can easily find, reclaim and consolidate your lost super.
How to find your lost or unclaimed super
Simply sign into your myGov account and navigate to the 'Manage my super' section. From there, you can see the amount of unclaimed super you have and consolidate it into your current preferred super account. Alternatively, you can call the ATO on 13 28 65 or complete a paper form on their website to access your lost or unclaimed super.
What about lost super held by other super funds?
If you discover you have other super accounts with balances, you may want to consider consolidating them with your NGS account. Thankfully, we can take care of the hard work on your behalf.
At NGS Super, we make it easy for you to consolidate your super.
Why it’s important to find and consolidate lost super
If you have superannuation spread across multiple accounts, you may be paying multiple fees and insurance premiums. These fees eat away at your super balance, so you'll end up with less money to retire with than if you had chosen to consolidate your super into one account.
Importantly, in July 2019 the Australian Government implemented legislative changes to insurance in super to protect members from paying insurance premiums and other fees on inactive super accounts. An inactive super account is one that hasn't received any contributions or rollovers for over 16 months. This legislation also dictates that all balances in inactive super accounts below $6,000 must be automatically transferred to the ATO. While the ATO will now hold much of your lost or unclaimed super, you may still have lost super in accounts with super funds you may have forgotten about, and this money could still be subject to fees.
So, while the government has taken steps to reunite people with their lost and unclaimed super, you should still be proactive in protecting your retirement savings.
Before you consolidate your super
Before you consolidate your lost super, there are some important things you should check.
Inform your employer
If you decide to consolidate your super into an account that your current employer isn’t paying into, make sure you provide them with the necessary details. This will prevent your future super contributions from going into the wrong account.
Check your insurance cover
Check to see if you have any insurance cover through a super account before consolidating and effectively closing it. This could include life insurance, permanent disability insurance, and income protection insurance. The quality of insurance can vary significantly between different super funds. If you change super funds, you may not be able to get the same insurance cover to suit your needs.
Check your employer contributions
Make sure you check how changing your super fund could affect the amount your employer contributes from your salary. Your employer’s policies may mean they contribute more to a specific fund.
Frequently asked questions
How does super get lost?
‘Lost super’ is somewhat of a misnomer because the money still exists on record and can be consolidated into your primary super account. Super is treated as ‘lost’ when the account becomes inactive or when the super fund is unable to contact you.
This typically happens when you change your contact details but forget to tell your super fund. It’s also common when people get a new job and change to the employer's default super fund, leaving their old account to become inactive.
How can I find my lost super for free?
It doesn't cost you anything to find your lost super. You can find your lost super for free any time via the ATO.
How do I consolidate my lost super?
It’s easy to consolidate your lost super. Head to myGov and make sure your account is linked to the ATO. After that, select ‘Super’, then ‘Manage’, then ‘Transfer super’. From here, you can see all your super accounts and transfer each balance as you see fit.