$13.8 billion in lost super – how much belongs to you?

10 May 2019

Counting money - BUSSQ Super

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 $13.8 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 Stafford to Brisbane’s north there is over $24 million in lost super and in the Toowoomba area in southern Queensland there is over $36 million waiting to be found. These are just some of the areas in Queensland the owners of the state’s $1.9 billion in lost super are believed to be living.

Do you know where all your super is?

Close to 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 any insurance benefits you’re giving up by rolling over.

Do a lost Supersearch online or call us on 1800 692 877 to roll over your other funds.

 

Statistics sourced from ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-dataas at 1 September 2021. Prepared by BUSS (Queensland) Pty Ltd (ABN 15 065 081 281, AFSL 237860) as Trustee for BUSSQ (BUSSQ Fund, ABN 85 571 332 201). BUSSQ owns Skylight Financial Solutions Pty Ltd (ABN 46 076 835 848, AFSL 450139), the company that provides financial advice to our members. This information is general advice only and does not take into account or consider your personal objectives, financial situation or needs. Before acting, you should review the relevant Product Disclosure Statement to ensure you have all the information about the relevant BUSSQ product and how it works and consider the appropriateness of the information to your needs or seek independent advice from a properly qualified professional. Past performance is no guarantee of future performance.


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