If you’re not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track of where your super has gone. Even after recovery efforts, $17.5 billion of super was lost in 2017-18 although this is down $420 million from the previous year. If you are not paying attention to your super contributions, accounts and insurances, you may have lost super. You may also have unintentionally misplaced your super if you have ever changed your name, address, job or lived overseas.
It is not uncommon for people to have multiple super accounts that they have acquired over the years of working at different companies. Having multiple unused accounts can result in high fees that drain your untouched super or you could lose track of it completely. It is in your best interest to consolidate all super into one account that suits your industry, offers benefits that you will use and ultimately helps you better save to reach your retirement goals. When closing unused accounts, you should be mindful of any termination fees, insurance policies, investment options, and ongoing service fees you may encounter.
If you have lost track of your super it may be held by either your super fund as a lost account or as an ATO-held account. The easiest way to consolidate super is through the myGov website, linking the ATO to all records of your super funds. Alternatively, you can call the ATO for assistance in finding your lost super. Whilst there is no guarantee you have misplaced super or can be able to retrieve it, being proactive with your super can help prevent you from losing any super to begin with.