How Do I Find My Lost Super?

If you have been working for some time, you most likely have an existing superannuation account, created either through your employer by default or by you if you chose your own super fund. Over the years, however, it’s possible to lose track, and you could potentially have lost or unclaimed super lying dormant while still costing you money in fees. If you are asking yourself “how do I find my lost super?”, here’s what you need to know about lost and unclaimed super, how to find it, and whether you should combine your super accounts.

Why Does Your Super Go Missing?

Did you know that there are billions of dollars worth of super that is lost or unclaimed? There are also around 4 million Australians who have more than one account, although this number is decreasing as people are starting to consolidate their super. Find out below if you may be one of the millions of Australians with lost or unclaimed super.

Super can become lost or unclaimed mainly because of the following reasons:

Changing jobs frequently, with each employer setting up a new default fund on your behalf.
Having multiple superannuation accounts because of previous jobs or not consolidating your super funds.
Having an incorrect address or contact information on file; as a result, you could miss out on important notifications or correspondence from your super fund.

Differentiating Lost vs. Unclaimed Super

How do you know if you have lost super or unclaimed super?

You may have lost super if your super fund provider has lost contact with you for 12 months, or you have an inactive account that has not received any contributions for 5 years. This can happen if you’ve changed jobs, addresses, and contact details, or if you have multiple supers and simply lost track.

Unclaimed super happens when your super fund provider is trying to make payments to your lost account. The unclaimed money is then transferred to the Australian Taxation Office (ATO) for holding until you claim your account.

Unclaimed super sent to the ATO generally comes from:

Super of members aged 65 or older, non-member spouses, and deceased members with unknown beneficiaries
Small and insoluble lost member accounts
Inactive low-balance accounts
Eligible rollover funds (ERFs) transferred before winding up
Voluntarily transferred amounts by super funds for the best interest of lost members
Super of former temporary residents whose visa has expired and left Australia.

How Can I Find My Lost Super?

If you think you might have lost or unclaimed super, don’t worry – it’s relatively easy to find out.

In general, there are only two places where your lost super accounts might be: your super fund providers and the ATO.

Before you begin a search, have your relevant information ready, such as your full name, date of birth, tax file number (TFN), current and past addresses, and employment details, as you will be frequently asked to provide these.

First, check if any of the scenarios mentioned earlier apply to you. If so, there are several ways to begin the process of finding your lost or unclaimed super:

Check the myGov website.

By linking your myGov account to the ATO, you can view your super details online. This is a quick and easy way to see if you have any lost or unclaimed super.

To check online, here are the steps:

Log into your myGov account.
Link your myGov to your ATO if you haven’t done so already.
Go to the ATO section. From there, you can see all your super accounts, including any that have been reported as lost or unclaimed.

Please note, however, that if your super is a new account, you may have to wait up to 6 months before you see it on your myGov dashboard. Be sure to create a myGov account if you haven’t registered yet.

Contact the ATO.

You can contact the ATO directly by phone or by filling out a form on their website. In most cases, they can tell you if you have any lost or unclaimed super, so make sure to have your relevant super information ready when you call or fill out the form.
Contact your super fund(s).

Your present and past super funds will have information about your accounts, so you can contact them to ask if you have any lost or unclaimed super. Make sure to have your relevant super information ready, as you will be asked to verify your identity when you contact them.
Reach out to your former employers.

If you’ve had multiple jobs and have lost track of your super accounts, it may be worth reaching out to your past employers to see if they have any information about your super funds with them. They may be able to help you identify and locate any lost or unclaimed super.

Why Do I Need to Find My Super?

Finding your super is important to your overall long-term retirement plan. Here are some reasons why:

Avoid paying multiple fees.

If you have multiple super accounts, you may be paying multiple account fees and other charges, which can erode your retirement savings.

Keep track of your retirement savings.

It can be difficult to keep track of your retirement savings if they are spread out across multiple accounts.

Maximize your investment returns.

If you have multiple super accounts, your money may be invested in different funds with varying levels of performance.

Ensure you receive all your entitlements.

If you have lost or unclaimed super, you may be missing out on entitlements such as insurance, death benefits, and other perks that may come with your super account.

Simplify your finances by consolidating.

Consolidating your super accounts can simplify your finances and make it easier to manage your retirement savings.

Claiming Your Lost Super

How to claim your lost super will depend on where your lost super is being held at the moment.

Your lost super is with a super fund:

If you have identified that a super fund still holds your lost super, then the next step is to reach out to the super fund provider. Notify them that you have a lost super account to claim with them, then complete the necessary paperwork, such as a ‘Request to Transfer’ or ‘Release Authority’ form.

You may consider moving out your funds to consolidate to another active super account that you prefer, and close the old super account. Please note that it is illegal for you to be charged an exit fee to close a super account you no longer want.

You have an ATO-held lost or unclaimed super:

By law, the ATO keeps a database of lost super, and unclaimed super is reported to the ATO every 6 months. Then the ATO does what it can to reunite lost or unclaimed super accounts with their owners. If you have determined that your super is being held by the ATO, then you can file a claim with them by providing documentary proof that the lost account belongs to you.

If you are a former temporary resident with an unclaimed super, you may be eligible to receive payment in the form of a departing Australia superannuation payment (DASP) upon submission of necessary documents.

Should I Combine My Super Accounts?

Combining or consolidating multiple super accounts can have both benefits and drawbacks, so it’s important to weigh your options carefully before making a decision. Consider factors such as fees and charges, insurance coverage, investment options, and your preferred investment strategy.

Potential advantages of combining super accounts:

Cost savings – Multiple accounts can mean multiple sets of fees and charges, so consolidating them can lead to savings in costs.
Simplicity – Having one account can make it easier to keep track of your super and reduce administrative hassle.
Better investment options – Some super funds offer a wider range of investment options than others. By consolidating your supers into an account with better options, you may have access to a wider range of investment options.
Focused investment strategy – With one account, you may be better able to focus on a single investment strategy that suits your needs.

Potential disadvantages:

Loss of insurance and other entitlements – Some super funds offer insurance cover for their members, including life insurance, TPD, or income protection. If you have insurance cover through one of your super accounts, ensure that you’ll still be covered if you transfer your funds to another account.
Poorer investment performance – Before combining your super accounts, it’s a good idea to compare the investment performance of each fund to ensure you’re not moving your money from a fund with better returns to one with poorer returns.
Loss of diversification – If you’re happy with the investment strategies of your current funds, you may not want to consolidate and lose that diversification.

Ways of Combining Your Super

Once you’ve decided that you would like to combine your super, you can do any of the following:

Move or roll over into an existing fund – This involves transferring all of your super from one account to another existing account.
Consolidate into a new account – Open a new account and transfer all your super into that account.
Automatic consolidation – Some super funds will automatically consolidate your super if you have multiple accounts with them. In some cases, the ATO will also proactively consolidate your unclaimed super with them.

Keep in mind that some rules and fees may apply to consolidating accounts. If you need assistance, the super fund you prefer to consolidate your other accounts should be able to help you through the process. You can also seek assistance from the ATO. A professional financial adviser can help you to determine the best way to combine your super accounts based on your financial situation and goals.

Keeping Track of My Super

The importance of keeping track cannot be emphasised enough. Your super should grow and work towards your long-term financial goals, instead of costing you more.

These are some ways you can take to help you keep track of your super:

Create a myGov account – View and manage all your government services and access your linked super accounts in one place.
Check your annual super statements – Review the statement that your super fund sends yearly, which details your super contributions, account balance, and investment performance.
Contact your super fund – You can contact your super fund or log in via their online member portal to get an update on your account balance, investment options, and any other information you need to know.
Use a financial app – Some financial apps can help you track your super accounts and may also provide basic tips on managing your super.
Consolidate your super accounts – Consolidating your super accounts can make it easier to keep track of your super, as you will only have one account to manage.

Make Smart Decisions for Your Super with Newcastle Financial Planning Group

Lost or unclaimed super can be a serious matter as you could be losing hard-earned money that is meant to grow your retirement fund. The good news is that finding and claiming your lost super is a relatively straightforward process. It’s important to do so to avoid missing out on potentially significant savings for your retirement.

Combining multiple super accounts can also be a smart financial move for people, as it may lead to cost savings, simpler tracking of super, and better investment strategy. However, it’s important to carefully consider the potential detrimental impact on insurance coverage and investment strategies before making any decisions. By taking these factors into account and staying on top of your super, you can feel more at ease that your money is working to help you build a more secure and comfortable retirement.

Newcastle Financial Planning Group offers trusted superannuation financial advice to those seeking help to better handle their superannuation and future retirement plans. If you are looking for a financial adviser in Newcastle, call us or book online to secure your meeting today and learn how we can work together to achieve your financial freedom!

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