$20.8 billion in lost super – how much belongs to you?
10 May 2019
Finding a lost super account could give your retirement savings a boost and save you money in fees and charges.
You may think there’s a low chance some of Australia’s $20.8 billion in lost and unclaimed super belongs to you, but it’s possible you have an account you don’t know about.
In the area of Mt Gravatt to Brisbane’s south there is over $21 million in lost super and in the Toowoomba area in southern Queensland there is over $41 million waiting to be found. These are just some of the areas in Queensland the owners of the state’s $2.8 billion in lost super are believed to be living.
Do you know where all your super is?
More than a third of Australians have multiple super accounts with many unaware they have more than one account, losing touch with an account when they changed jobs or moved house.
If you have multiple accounts you’re likely paying fees on each account and possibly insurance premiums. By combining accounts you could save money on these fees and charges.
How to find your super
You can do a simple super search to find other accounts you might have and easily roll the funds into one account.
Remember that rolling over your super into one account will close your other accounts, so make sure your employer is paying into your preferred super account first. It’s also important to check with your other fund about exit fees and any insurance benefits you’re giving up by rolling over.
Call us on 1800 692 877 to roll over your other funds.
Important information: Statistics sourced from www.ato.gov.au as at 30 June 2019