Find the money that belongs to you17 Mar 2017
We work all our lives to make money for our retirement. Yet, remarkably, Australians are missing out on billions of dollars of unclaimed superannuation. According to the ATO, at 30 June 2016 Australians had more than $14 billion in lost and ATO-held accounts. Some of that could be yours.
Chances are if you’ve had multiple jobs, you’re likely to have multiple super funds – that is if they haven’t been eroded by fees and insurance premiums over time. If you haven’t combined your super accounts you could be missing out on the power of compound interest or be paying multiples fees and insurance premiums.
The 2016 Westpac Lost Super Report revealed that 73 per cent of Australians wish they had looked after their super more when they were younger.
It’s easy to find your lost super
There are some simple and quick actions you can take to find any lost super and avoid becoming part of that statistic when you’re older.
- You can simply log in to your account at mediasuper.com.au and register your Tax File Number for a SuperMatch search and we’ll do all the work for you.
- Check your super accounts, including any you may have lost or forgotten about, by logging into your myGov account at my.gov.au.
- Check with AUSfund at ausfund.com.au to see if any lost or unclaimed super has been sent there.
If you do find any lost or inactive accounts, it’s time to get them all together – combining your super accounts can see you substantially better off in retirement.†
If you don’t act now, your multiple super balances could be reduced to nothing, which won’t help you when the time comes to hang up your work boots.
We’re here to help
Our Business Development Managers (BDMs) are also available to help you find and combine your super. They can assist you with locating your other super if you’re not sure where it is, and can walk you through using your online account to combine all of your super. Get in touch with your local BDM at mediasuper.com.au/BDM.
†Before making a decision to combine, you should consider any penalties such as exit fees, change to insurance cover or loss of benefits that may apply and if necessary consult a qualified Financial Adviser.