Almost $18 billion of superannuation savings is sitting lost or unclaimed, according to new figures released by the ATO.
The ATO holds $3.75 billion in unclaimed super, while super funds hold $14.12 billion of lost super, as at 30 June 2017. This corresponds to over 6.3 million superannuation accounts.
Assistant Commissioner Debbie Rawlings said the easiest way for people to check if they had lost or unclaimed super was through the ATO online services on MyGov.
“Over the past four financial years we’ve reunited 1.68 million accounts worth $8.12 billion with the account owner, and there’s plenty more to be found,” said Ms Rawlings.
“By using myGov to track down your super, the money will be transferred to your preferred fund, generally within three working days.”
“More people are finding their lost and unclaimed super through our online services every year, but these figures show there are many people who still may not realise how quickly and easily they can check their super accounts.”
“You might choose to keep multiple accounts, but if you consolidate your multiple super accounts into the one you prefer, you’ll avoid paying multiple sets of fees and charges. If you’re not sure whether to consolidate your accounts, check with your super fund who can advise you on issues such as insurance that may be attached to your accounts.”
‘Lost’ superannuation refers to accounts where the super fund has lost contact with the member. There are several ways that superannuation can become ‘unclaimed’, including lost accounts that have a balance under $6,000.