There is over $18 billion of lost superannuation in Australia sitting in unused accounts; could some of it be yours?
A Westpac survey from within the past few years showed that almost half (47%) of the population are likely to have superannuation sitting in old accounts. Forty-seven per cent of Australian consumers did not know whether they had lost super, while 57 per cent had never searched for it.
There’s a good chance that over the years of changing jobs and addresses you may have left some of your super behind, especially if different employers have paid your super into different funds. Having several super accounts could mean that multiple fees and charges are whittling down the balance and reducing the amount available at retirement.
There are a few ways you can track lost super:
It makes sense to combine your accounts into one (usually your existing super account) as this will make it easier to track and help save on fees, but before going ahead, please ensure you check the following:
The ATO offers an online rollover tool to get your super consolidation started and the super funds do the rest.