Could you have lost super sitting in an account you’ve forgotten about? According to Australian Government figures, more than $21 billion in lost and unclaimed superannuation is waiting to be reunited with its owners.
Whether you’ve changed jobs, moved house or simply lost track of an old account, some of that money could belong to you. Fortunately, finding lost super is free and takes just a few minutes.
How does super become “lost”?
Super can become lost when an account becomes inactive or your super fund loses contact with you. Common reasons include:
- Changing jobs and leaving an old super account behind
- Moving house without updating your contact details
- Changing your name
- Having multiple super accounts that you’ve lost track of
Lost super may still be held by your super fund. In some circumstances, the balance is transferred to the Australian Taxation Office (ATO) as unclaimed super.
Either way, the money can generally be located and reunited with you.
How to find lost super through myGov
The easiest way to search for lost super is through ATO online services linked to your myGov account.
- Log in to myGov and access the ATO.
- Select Super, then Fund details.
- Review your super accounts, including any lost or ATO-held super.
- If you find lost super, follow the relevant instructions to contact your fund or arrange a transfer.
You can also search using the ATO app, call the ATO’s lost super search line on 13 28 65, or complete a paper form.
For more information, visit the ATO’s guide to searching for lost super.
Why finding lost super matters
Finding lost super can make a meaningful difference to your retirement savings, particularly if you’re approaching retirement.
An account you’ve forgotten about could contain money accumulated during an earlier job, including investment earnings over time.
Even relatively small balances can contribute to your retirement savings. Finding multiple accounts also gives you an opportunity to review fees, investment performance and whether your current super arrangements still suit your needs.
Should you consolidate your super accounts?
If you discover multiple super accounts, you may want to consider consolidating them into one fund.
Combining accounts can make your super easier to manage and potentially reduce duplicate administration fees. However, consolidation isn’t automatically the best option for everyone.
Before transferring your balance, compare the fees, investment performance, insurance cover and other benefits of each fund.
Importantly, check your insurance before consolidating.
Some super accounts include life insurance, total and permanent disability (TPD) cover or income protection insurance. Transferring your entire balance out of a fund may result in that cover being cancelled.
You may also lose valuable benefits attached to certain types of super accounts, including defined benefit arrangements.
Speak with your super fund or a licensed financial adviser before consolidating to understand what you could gain or lose.
Take a few minutes to check for lost super
With billions of dollars in lost and unclaimed super across Australia, checking whether any belongs to you is worthwhile.
The search is free, and finding an old account could help you make more informed decisions about your retirement savings.
Need help reviewing your super?
If you’ve found lost super or have multiple accounts and aren’t sure what to do next, contact our team. We can help you understand the potential implications and, where appropriate, work with a qualified financial adviser to determine the next steps for your circumstances.
