Please, check you have all your superannuation.
Australians are missing out on more than $17.8 billion in lost and unclaimed superannuation, according to new data from the Australian Taxation Office (ATO). Many people are unaware that they may have money waiting for them due to outdated contact details or forgotten super accounts.
Since 2021, the ATO has managed to reunite almost $6.4 billion of unclaimed super with its rightful owners. But there’s still $17.8 billion left to be found. If you’ve changed jobs, moved house, or simply forgotten to update your details, you might have unclaimed super.
Where has it gone?
Superannuation funds often struggle to locate individuals who have not updated their contact information, leaving large amounts of money unclaimed. The ATO reports that even retirees are missing out, with $471 million held for Australians aged 65 and over.
How to reclaim lost super:
Confirm your contact details: Ensure your superannuation fund has your current address and contact information. This simple step can help avoid lost super in the future.
Check your superannuation balances and employer contributions: Make sure you’re receiving the correct contributions from your employer by checking your account regularly.
Look for lost and unclaimed superannuation: You can search for lost superannuation through your MyGov account, or by contacting the ATO directly.
Find and consolidate multiple accounts: If you have more than one super account, consider consolidating them to save on fees and make managing your retirement savings easier.
Confirm nominated beneficiaries: Make sure your super is passed on to the right person by updating your nominated beneficiaries.
