The Australian government believes there are at least 3.4 million lost Super accounts and the funds add up to a herculean $16.8 billion. What are the consequences of a lost Super and how can one deal with it?
Losing Super is clearly a possibility
It is not too difficult to lose our Super. Through the course of life, we change our names, shift our residences, and change our jobs. It is quite possible that we forget to update these alterations and our fund, sent into oblivion, becomes dormant for a pretty long time. This is how your Super can get lost — or totally forgotten.
A guide to reclaiming your lost Super
If you believe yours is a case of an unclaimed or lost Super, here is a guide to what you should do next.
- Visit the website of the Australian Taxation Office (ATO) and put in your Tax File Number (TFN), family name, acquired name, and D.O.B.
- If there is a Super waiting to be claimed, just carry the evidence along with you in form of a printed document.
- Take the document to a Super consolidation service and they will facilitate the rollover of your lost Super into your existing one. With the help of your customer ID, you can fill a rollover form and add your lost Supers.
A single Super is the best way ahead
Of course, before taking these steps a bit of diligence is required. For instance, if you have a life insurance inside your Super, prefigure how your coverage may be affected. It is always prudent to keep a single account for all your Supers. This minimises the fuss associated with the paperwork and also brings down the fee you pay to multiple institutions.
How did you go about reclaiming your lost Super?