Finding superannuation you have forgotten about
Do you have superannuation you have forgotten about?
The odds are that you do. In Australia there are 30 million superannuation accounts for only 9 million workers. That’s 3 to 4 accounts for each worker.
How could there be superannuation you have forgotten about?
If you have ever:
* changed your address
*changed your name
* had more than 1 job at any time
* Or have simply changed jobs; there’s a very good chance you may have superannuation you have forgotten about.
Why bother looking for the superannuation you have forgotten about?
The money sitting in those inactive superannuation accounts is yours. You have worked hard for it. By having more than one superannuation account; you are duplicating the fund management fees. So, if you have 3 or 4 accounts and each one of those has an administration fee of $1.50 per week; that’s well over $250 annually that’s lost and not working for you. You really can’t afford not to go looking for every bit of superannuation you have forgotten about.
How do you find the superannuation you have forgotten about?
Fortunately, in Australia this is quite a simple task. Superannuation funds are required to report to the Australian Taxation Office twice a year about people they have lost contact with. This information is then used to form a lost member register. The ATO provides a “SuperSeeker” tool which uses the information on this register to help you find the superannuation you have forgotten about. By providing a few simple details such as you tax file number, name and date of birth either online or over the phone, you can very easily find that superannuation you have forgotten about.
Once you have found an account containing superannuation you have forgotten about; you might choose to:
* consolidate your super accounts, which may reduce your fees and costs
* contact the fund to update your personal details or enquire about your lost account
* withdraw your benefit, if your account balance is less than $200 and certain criteria are met.