There is approximately $18 billion (yes, Billion) in unclaimed or ‘lost’ Superannuation in Australia. Over $5.4 billion of those funds are owed to people from NSW. Luckily, you can find any lost Super accounts and combine them online using the MyGov website. The whole process is free!
Why is this important?
If you have multiple Super accounts, you are literally throwing away hundreds of dollars a year in fees! Those dollars are supposed to be contributing to your retirement, not being wasted away on fees. Most Super funds charge an annual fee, plus a fee based on the balance of your account. The total fees you pay each year will range from $200 to over $1,500 per Super Fund.
How Do You Lose Super?
A lot of people sign up to a Super fund on their first day at a new job… and they usually sign up for the fund suggested by their new employer. This process is usually repeated at each new job you start, which leads you to having multiple Super funds.
When you move house, you sometimes forget to update all these funds and now you have ‘lost’ Super.
How to Find and Combine Your Superannuation
- If you haven’t created a MyGov account, you will need to do so.
- Once you’ve created your MyGov account, you will need to link it with the Australian Tax Oice (ATO).
- Using the ATO services link you will find a Super section that displays all your Super accounts.
- You can combine any additional accounts into your preferred Super fund.
If you want some tips on how to select a great Super fund visit: The Easy Way to Compare Super Funds.