Lost/Unclaimed Superannuation
What is Lost or Unclaimed Superannuation?
Lost Superannuation is held by the Superannuation Fund into which it has been paid. This money will remain idle in the Fund if they are unable to contact you. You may have changed jobs, you may have forgotten about the Fund, perhaps you forgot to notify them when you changed address or perhaps you forgot to ask the Fund to close your account & roll the money over into your current Superannuation Fund.
Unclaimed Superannuation usually refers to inactive small balance Superannuation Fund accounts. Originally these small amounts were transferred to AUSFund (Australia’s Unclaimed Superannuation Fund) where the money was held until claimed but now Superannuation accounts with small balances that have not received a contribution for at least 12 months, must be transferred to the Australian Taxation Office (ATO) & held there on a person’s behalf.
It’s important to remember that every Superannuation Fund charges fees for managing your Superannuation account & if you have one or more accounts with different Superannuation Funds, these fees will soon add up & will eat into your retirement income. This is why it’s so important to consolidate or roll over your Superannuation into the one account.
How to find Lost/Unclaimed superannuation
Lost Superannuation is held by the Superannuation Fund into which it has been paid. This money will remain idle in the Fund if they are unable to contact you. You may have changed jobs, you may have forgotten about the Fund, perhaps you forgot to notify them when you changed address or perhaps you forgot to ask the Fund to close your account & roll the money over into your current Superannuation Fund.
There are a few ways to find Lost or Unclaimed Superannuation – Through the ATO by using their SuperSeeker search tool on their website or calling them on 13 10 20; OR
Through AUSFund’s website – https://ausfund.com.au; OR
Through your current Superannuation Fund.
It’s Important to consider that before consolidating or rolling over into your current Superannuation Fund, some Funds may charge a Termination or Exit Fee.
When Selecting Your Preferred Superannuation Fund
Ensure that your Employer can pay your contributions into that Fund;
Ensure it provides all the services that you want from your Superannuation Fund;
Ensure it offers the same types of insurance options that your previous Fund/s offered & that you are able to obtain insurance in the new Fund.
How do you consolidate Your Superannuation?
Decide which Fund/s you would like to roll out of; Decide which Fund you want to consolidate into;
Ensure you have all the relevant information required e.g. Member Numbers, Tax File Number;
Call your chosen Superannuation Fund or visit their website & they will guide you on what to do.
By taking these small steps – consolidating your Superannuation into one Fund which will reduce fees, tracking down any lost Superannuation that you may have will assist you in making the most of your Superannuation.
The Intelligent Financial Group can help you maximise your Superannuation bene ts.
Source: Industry SuperFunds