FINDING YOUR LOST SUPER MONEY
Finding your lost super funds can be a source of great frustration for many Australians, who had accounts in their twenties and teens. There is over $14 billion in lost super money as at 30 June 2016 according to the ATO. Lets face it, locating lost funds can be hard, but we hope this article will help reunite more people with their hard earned super.
SOME THINGS YOU CAN DO:
1) Call your old employers HR or payroll departments and ask for details on their default super provider and your member number. This is oftern a great first step if you dont have any records of super statements or correspondance saved. A lot of super above the value of $2000 is held by retail and industry super funds in a non member plan within the fund, often at a higher fee rate than standard accounts. So its important to contact the provider in the first instance to start your search journey.
2) You can setup a My Gov account with the federal government to locate your lost super.
To do this, you need to go to – https://my.gov.au/LoginServices/main/login?execution=e1s1
and setup an account. Once you have done this, click and add the ATO ( Australian Tax Office )link and you can enter your tax file number and your details. Under the ‘super’ tab you will see all your reported lost super accounts. Its important to note, that this step can be unproductive if your previous employer super fund provider did not forward your lost super to the ATO for management.Typically amounts between $200 – $2000 are held by the ATO,with higher value accounts still being held by super funds and ERF funds. Most super funds have to report lost or inactive super accounts twice a year to the ATO.
3) If you locate your super with a old provider, you can then rollover this benefit to another fund using the providers super rollover form or the ATO’s super rollover statement form
Click Here to Download it
So now you know how to access your lost super. If your fund cannot contact you or you have changed your address, you fund will report the account as inactive and you will need a Mygov account to track your super. You will find that most retail and industry super providers will screen your details and if they are not satisfied you will not get access to your super information. This can be very frustrating and worrying. We suggest you seek advice and follow these steps so you can be reunited with your super. Most importantly update your contact information every six ( 6 months) so you can manage your retirement savings pool.