How to Find Lost Superannuation in Australia?

In Australia, superannuation is a fundamental component of retirement planning, with employers contributing a portion of an employee’s earnings into a super fund. Individuals often lose track of these savings due to changing jobs, moving without updating contact details, or fund mergers. These forgotten or unlocated funds, known as “lost superannuation,” amount to billions of dollars unclaimed across the country. This article outlines how to locate and manage these valuable retirement savings.

Preparing to Search

Before searching for lost superannuation, gather specific personal and financial details. This ensures search platforms can accurately identify your records. You will need your full name (including any previous names), date of birth, and previous addresses, as funds may have used these for communication.

Your Tax File Number (TFN) is crucial. The Australian Taxation Office (ATO) uses your TFN as a primary identifier for superannuation contributions and account details. Without it, funds may apply a higher tax rate, potentially reducing your savings. Your TFN is a unique, nine-digit number that remains with you for life. Having it readily available streamlines the search and identification process.

Searching for Superannuation

The most comprehensive method for finding lost superannuation in Australia involves using the Australian Taxation Office (ATO) online services, accessible through your myGov account. This platform allows you to view details of all your superannuation accounts, including any considered lost or unclaimed. If you do not have one, create a myGov account and link it to the ATO. This linking process involves logging into myGov, selecting the ATO service, and providing personal details to verify your tax record.

Once linked, navigate to the ‘Super’ section. From there, you can select options such as ‘Manage’ or ‘Transfer super’ to access details of your superannuation funds, including any lost super the ATO may be holding. The system displays a list of your superannuation accounts with their last reported balances, allowing you to identify forgotten funds. This online service simplifies the process by centralizing your superannuation information, making it easier to track and manage your retirement savings. While the myGov/ATO method is generally the most effective, you can also search for lost super by phoning the ATO’s automated lost super search line or by completing a paper form. Contacting previous employers or superannuation funds directly can also be supplementary methods, though the myGov portal offers a consolidated view.

After Finding Your Superannuation

Once you have identified lost superannuation accounts, you can consolidate them into a single, preferred superannuation fund. Consolidating multiple accounts offers several benefits, primarily reducing the fees you pay. Each superannuation fund typically charges administration fees, investment fees, and sometimes insurance premiums, which can erode your retirement savings over time. By combining accounts, you eliminate duplicate fees, potentially saving hundreds or thousands of dollars annually, and simplify the overall management of your superannuation.

The process of transferring funds from a lost or identified account to your chosen active account can be initiated directly through your myGov account linked to the ATO. Within the ‘Super’ section, you can select the accounts you wish to transfer from and nominate your preferred account to receive the funds. This usually involves a whole balance transfer, which typically closes the old account. It is important to consider any implications, such as potential loss of insurance coverage, before closing an account. To prevent superannuation from becoming lost again, regularly check your superannuation balances and ensure your contact details, including your address and phone number, are always up to date with your super fund and the ATO.