Why you could be missing thousands of dollars in lost super
This is a sponsored post brought to you by Suncorp Super
While we are young, our superannuation is not exactly always our top priority. It feels like we have forever before we hit retirement, and so it’s something we can just leave until later in life. For that reason you could be missing out on thousands of dollars all thanks to lost super. Australian’s collectively have $13 billion in lost super which works out to around $9,600 for every working Australian. There is a good chance some of that $13 billion is yours, so keep reading to find out why you could be missing super, and how to find it again.
What is lost super
You might be wondering exactly what ‘lost super’ is? It is exactly what it sounds like, superannuation that hasn’t been touched in a while, and has likely been forgotten about by it’s owner and lost somewhere along the way. If your super fund hasn’t been added to in a while and the super fund can’t get in touch with you they may need to pass your details onto the ATO. The ATO will then add your details to a register of ‘lost members’
Super becomes ‘unclaimed’ if it falls under a certain amount, and is then handed over to the ATO by your super fund. This currently happens when your balance drops lower than $2000, but this will rise to $4000 in December 2015.
Why does super go missing
It’s amazing just how easily super can go missing. If you have ever changed jobs, moved house or even changed your name, there is a chance you could be missing valuable super. You might not even realise it’s missing. It’s incredible how much super is actually ‘lost’. In my postcode alone there are 1066 lost accounts, adding up to a total of over $9.4 million. That’s just one town on the outskirts of Adelaide, let alone the rest of Australia. You can even take a look yourself at the total lost super in your postcode on the ATO website, it’s quite interesting!
Why you should keep only one super account
It makes sense to only have one super account. Every superannuation fund charges fees, that’s a given, but why would you pay more in fees than you need to? Having multiple super accounts on the go at any one time means you are paying multiple fees, and possibly even multiple insurance premiums. Rolling all of your super into the one fund means you are only paying one lot of fees which is going to save you money now, resulting in more money for you in retirement. Taking the time to locate any lost super and roll any extra super funds into the one account could be one of the best moves you every make for your future.
How to find lost super
Spring has definitely hit here in Australia, so it’s the perfect to to spring clean your finances and track down any missing money. If you are an existing Suncorp Super customer, all you need to do to is fill in a simple online form, and Suncorp will do all of the hard work and let you know if you have any lost super. Some of these lost accounts will be automatically combined into your Suncorp Super account, and for any remaining found accounts simple go online to combine them into your current account.
If your super fund it with another provider, contact your provider or use the ATO Superseeker tool to find any super accounts you may have lost over the years.