We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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.
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.
Lost super occurs when your super fund is unable to contact you about your account. This means that your account remains idle but annual fees will still be deducted from your balance.
Previously, some super funds rolled over unclaimed super into a special fund called AUSfund. However, on 21 May 2021 AUSfund was closed, and the Federal Government assumed sole responsibility for managing unclaimed super accounts via the ATO.
Your super fund will also report you as a lost member if it has not received any contributions or rollover amounts from you in the last 5 years, or if your account was transferred over from another fund as a lost member account and your address still hasn’t been found.
If you don’t have a myGov account, a paper ‘Searching for lost super’ form is available for download from the ATO website.
The ATO may also be holding some unclaimed super for you. Unclaimed super is created when super funds transfer the balance of small, inactive accounts to the ATO, which then holds it on your behalf.
To be considered inactive, an account must not have received a contribution for at least 16 months.
Twice a year, super funds must report and pay the following unclaimed super money to the ATO:
According to the ATO, as at June 2020, there was $13.8 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, between 1 July 2018 and 30 June 2019, more than 537,000 accounts worth a combined $4.38 billion were consolidated or transferred by fund members using myGov.
What’s the point of tracking down lost and unclaimed super? The most important thing to remember is that it’s your money, not the ATO’s, and it’s money you worked hard to accumulate. That money can help you pay for your retirement and see out your golden years in comfort, so why not claim what’s rightfully yours?
According to the Association of Superannuation Funds of Australia (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. You can find out more about the recommended savings for different life stages in our guide to retirement savings here). By tracking down and claiming lost super, you could be one step closer to building the retirement savings balance you need.
Finally, we should also stress the importance of searching for your lost super now rather than waiting a few months or even years to get onto it. Why? Fees. 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.
Okay, you’ve used the ATO’s online tools to track down a couple of lost super accounts in your name, so what’s next? The best thing you can do is to consolidate all your super accounts into one account. Not only will this help you save on fees – you’ll only have to pay fees on one account instead of several – but it will also make it a lot easier to keep track of your super moving forward.
To consolidate your super, follow these simple steps:
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:
Here’s a current list of the worst-performing super funds in Australia and steps for how to switch to a better fund.
Kogan Super offers 5 different investment options that each have low fees and mostly follow an indexed investment approach.
This guide explains how to devise a superannuation strategy that works for you and how to plan for further income in old age, and gives you tips for pulling it all together.
Superhero Super offers two different investment options which both give members more control over how their super is invested. Here's how the super account works.
Superannuation is the main way of saving for your retirement in Australia. Your superannuation is one big investment portfolio in your name that's managed for you by your super fund.
There are 23.2 million super accounts in Australia with assets totaling $3.4 trillion. Find out the latest superannuation statistics.
Finder's International Women's Day report explores the personal finance gap between men and women and the key drivers of financial inequality.
Finder's Investing Report 2021 discusses what this year has in store for shares, property, micro-investing and superannuation. Access the report here.
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