Now you've found your super...
After you track down your lost super, consolidating it into one account can have several benefits.
Your superannuation is one of the most important assets you own, providing the funds you need to enjoy a financially secure retirement. But if you’ve changed jobs or even moved house, you could have lost or unclaimed super out there somewhere just waiting to be found.
Imagine this scenario: You're just 5 steps away from potentially reclaiming thousands of dollars.
Once linked, access your superannuation details, including any accounts you might have lost track of. If your lost super doesn't appear in your myGov account, consider reaching out to past employers for information of superannuation contributions they made on your behalf. Pay slips may contain relevant details or employer contact information.
Identify lost super that can be rolled over into a preferred super account. Some companies offer to find lost superannuation for a fee. However, it's recommended to start with the ATO and myGov for a more cost-effective approach.
Discover any super funds the ATO may hold for you, especially if your account has been inactive with a balance below $6,000.
If you have multiple super accounts, consider consolidating them into one. This not only saves on fees but also makes managing your super easier.
Keeping track of your super isn’t always an easy task. If you’ve changed jobs, changed your name or address or even done some casual or part-time work, there’s a chance you may have lost track of some of your super.
Here's how it can happen:
These common life events can make it challenging for your super fund to keep in touch, turning your active super into lost super.
Superannuation can slip through the cracks during life's transitions, but understanding the difference between lost and unclaimed super can help you reclaim what's yours.
According to the ATO, as of February 2023, there was $16 billion in lost or unclaimed super logged with the tax office. It's relatively easy to get that money back if yours is in the mix. In fact, since November 2019, the ATO consolidated nearly 4.7 million accounts worth over $7 billion.
With the introduction of super stapling on 1 November 2021, the likelihood of losing track of your super funds has significantly diminished. This initiative ensures that your super account stays with you when you change jobs, akin to a financial shadow faithfully following you throughout your career moves.
Instead of starting afresh with a new super account at each job, your existing super is stapled to you, reducing the chances of it becoming lost. Always remember to provide your super details when you start a new job to ensure your super continues to be stapled to you.
According to the Association of Superannuation Funds of Australia's (ASFA) Retirement Standard, if you’re a single person aged around 65, to enjoy a modest lifestyle in retirement you’ll need an annual income of $27,368. If you want a comfortable lifestyle, that figure rises to $42,764 per year.
By tracking down and claiming lost super, you could be one step closer to building the retirement savings balance you need.
If you hold multiple super accounts you’ll also be paying fees on multiple super accounts. And when you consider that your fund could charge anywhere between 0.5% and 1% (or even higher) of your balance each year in fees, it quickly becomes clear that it’s best to sort the problem out sooner rather than later.
After you track down your lost super, consolidating it into one account can have several benefits.
Before consolidating your super, it's crucial to consider several factors to ensure you're making the best decision for your financial future:
Once you've made an informed decision, consolidating your super is a straightforward process:
Remember, consolidating your super is about optimising your retirement savings. Take the time to consider all aspects before making the switch.
Now that you know how to consolidate your super, compare the different super funds below to find the one that is right for you.
There’s also plenty you can do to ensure that you don’t end up with lost or unclaimed super in the first place:
Use our free superannuation calculator to see your projected retirement balance, and how this could change by switching funds.
Spouse super contributions allow you to grow your partner’s super balance and also save money on tax. Here’s how spouse super contributions work.
Here are all the changes that are happening to super this year, and how they’ll affect your superannuation balance.
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There are 3 ways you can access your super. The age you need to be to access your super will depend on when you were born.
My father is retired and trying to access his super.
The ATO has no record of any super, but his former employer says that they were paying super into an account for him.
We are hitting a dead end with many of the avenues we have gone down,
Hi Ben, your best bet is to speak with his former employer and find out exactly where they were paying his super (request the account details).
Good luck!
Alison
I NEED TO FIND OUT WHERE MY LOST SUPER IS ASAP I HAVE A MY GOV ACCOUNT BUT IT ONLY SHOWS UP 3 ACCOUNTS COMPARED TO MY 21 SUPER ACCOUNTS PLEASE HELP
Hi Rebecca, if you can’t see your other super accounts in your myGov portal we’d suggest getting in touch with the ATO directly to discuss.
Have worked in Australia around two years.Didnt claim my super many years.Receintly contacted to Tax Office ,they hold only small amount of my super contributions.How to find other funds of my super?
Hi Ivan,
Thanks for your question.
I would highly recommend you read more about how to find unclaimed or lost super money. Read through that page and discover how to locate your lost super money.
I hope this helps.
Cheers,
Anndy