March 11, 2015
Have you ever changed your address, name or job? If the answer is yes, then this means there is a high chance that you may have lost track of some of your super.
There is currently more than $14 billion in lost super waiting to be claimed, according to recent research conducted by the Australian Taxation Office. Of that amount, there is currently more than $6 billion in super sitting in accounts where funds have not been kept up-to-date with changes in personal details.
So, if you have changed your personal details since commencing employment (whether it be by moving house or changing your last name after getting married and haven’t told your super fund), you may have super that is considered ‘lost’ or ‘unclaimed’.
If you think you may have lost or unclaimed super, it is good idea to recover it so that you have more money heading into retirement.
Thankfully, finding and reclaiming lost super isn’t difficult. To find your lost super, you can either contact your super fund/s directly if you have old statements or use the Australian Taxation Office's Super Seeker online service. You will need to have your personal details handy – your name, date of birth and tax file number.
In addition to this, you may also need details such as your previous residential address, previous employers and a tax assessment notice to confirm your identity. As long as you have this information, the process of finding your lost funds can take as little as an afternoon tea break.
Once you have found your super, you can transfer it into your current superannuation fund. Of course, before you make any changes to your super or transfer it from one account into another, it pays to consult a financial planner.
In some instances and depending on how much money you have in a particular super account, you may find the costs associated with transferring super from one account into another may actually outweigh the benefits of doing so.
Your financial adviser will be able to talk you through all the fees associated with transferring super and work out whether or not doing so is worth your while.
At Mortgage Choice in Newtown, our resident financial planner Anthony Kurver can help you with all of your super decisions and navigate the process for you so you don’t have to worry about a thing.
Keeping track of your super
If you want to avoid losing super again in the future, it pays to pick a super fund that best suits your needs – a fund you can feed all future super contributions into (even if you change employer).
If you do change jobs, it is important for you to let your employer know what super fund you are currently with and make sure they filter all future super payments into your preferred account.
Once you have chosen your ideal super fund, it is important for you to keep any eye on your super. Read your annual statements and check you balance on a regular basis to ensure you are receiving the right contributions.
Contact Anthony Kurver on 02 9517 1818 or firstname.lastname@example.org to discuss your options. Or, if you feel like dropping in at our office, we are located at Suite 106, Flourmill Studios, 3 Gladstone Street, Newtown 2042. Be sure to share our blog on Facebook and Twitter and let others join the conversation!