How to Find and Recover Your Lost Super
Uncover simple steps to find, recover, and manage your lost superannuation. Reclaim your overlooked retirement savings today.
“Lost super” refers to superannuation money separated from its owner within the Australian retirement savings system. This occurs when a superannuation fund loses contact with a member or an account becomes inactive. Common reasons include changing jobs, moving without updating contact details, or a name change. Locating these funds is important as they represent accumulated retirement savings that can grow over time.
Using Government Search Tools
The most effective method for locating lost superannuation is through the Australian Taxation Office (ATO) online services via MyGov. This government portal provides a secure way to manage various services, including superannuation. Individuals must sign in to their MyGov account and link it to the ATO, typically by entering their Tax File Number (TFN).
Within the ATO online services, the “Super” section provides access to a search tool. This tool offers an overview of all superannuation accounts in your name, including balances. It identifies both “lost” superannuation held by funds and “unclaimed” superannuation transferred to the ATO, such as small inactive accounts (less than $6,000 with no contributions for 16 months).
The service displays fund names and account numbers, helping identify forgotten accounts. It provides direct access to superannuation information. The ATO maintains a register of lost members, which superannuation providers report to.
Gathering Required Information for Your Search
Having specific personal information ready streamlines the search for lost superannuation. Your Tax File Number (TFN) is the most important identifier, allowing the ATO to accurately match records. Without a TFN, the search becomes more complex and may require additional verification.
Provide your full legal name, including any previous names like a maiden name, for comprehensive record matching. Accounts may have been opened under different names, so variations must be accounted for. Your date of birth is also used for identity verification and to distinguish your records.
Current and past addresses are valuable, as lost super often results from address changes. Information about previous employers, even approximate dates, helps pinpoint funds where contributions were made. This data assists the ATO in locating accounts linked to your identity.
What to Do If Your Search is Unsuccessful
If your MyGov search doesn’t reveal all expected superannuation accounts, explore alternative avenues. Contact previous superannuation funds directly, especially if you recall their names or have old statements. They may still hold your account, even if inactive or lost in their records.
Contacting former employers can provide leads, as they may have records of funds they contributed to. Employers are required to pay superannuation contributions for eligible employees. For deceased family members, a death certificate is necessary when contacting the ATO or the superannuation fund. The ATO can provide a data package of the deceased person’s tax and super records to assist the legal representative.
If online methods are insufficient, the ATO offers alternative contact options, including an automated super search line (13 28 65) and a general inquiries line (13 10 20). Completing and mailing a paper form, “Searching for lost and unclaimed super,” is another option. Some superannuation funds can also search for lost and unclaimed super on your behalf if you cannot register for a MyGov account.
Consolidating Your Found Superannuation
After locating your superannuation accounts, consolidating them into a single account simplifies managing your retirement savings. This involves choosing a preferred fund and initiating a rollover of funds from other accounts. This can often be done directly through your ATO online services via MyGov, where you can view and select accounts to transfer.
Consolidating superannuation accounts offers benefits for your retirement savings. A key advantage is fee reduction; multiple accounts mean multiple administrative, investment, and insurance fees. Consolidating means paying only one set of fees, allowing more money to remain invested and grow.
Consolidation also makes managing and tracking your superannuation easier, as you receive a single statement and use one online portal. This provides a clearer overview for a cohesive investment strategy. While the process generally involves transferring the whole balance, consider any insurance coverage in existing accounts before consolidating, as it may need re-evaluation with the new fund.