Minister for Superannuation and Corporate Law
3 December 2007 - 8 June 2009
Find Your Lost Super in 2009
Senator Nick Sherry, Minister for Superannuation and Corporate Law, says Australian's should make a New Year's resolution to find their lost superannuation.
The total number of lost member superannuation accounts listed on the Lost Members Register rose by 315,325 or 5.2 per cent, from 6.1 million accounts on 30 June 2007 to 6.4 million accounts at 30 June 2008.
The amount of lost super increased from $11.9 billion in superannuation assets on 30 June 2007 to $12.9 billion on 30 June 2008, an increase of 8.4 per cent.
"Having multiple super fund accounts means paying higher fees which can reduce a superannuation benefit significantly – people should use the New Year to resolve to find and consolidate their lost money."
"Having money sitting in three, four or more places means your retirement income gets eaten away by multiple, often high, fees and charges, and that's not in your interest," Minister Sherry said.
The Rudd Government has also released a plan to consolidate lost accounts automatically using people's tax file numbers, but with an opt-out for those who don't wish to participate.
"Using tax file numbers to re-unite people with their lost super would be a more efficient and cost effective way to solve the problem. The Government has released a consultation paper asking the industry for ideas on how this can best be done."
"My preference is for the Government to develop a system that automatically consolidates people's lost accounts, but with an opt-out for those who choose not to take part."
In the meantime, investors can use the current Australian Taxation Office (ATO) system 'SuperSeeker' to find out if they have any lost super and consider beginning the process of consolidating it into their current account.
The ATO's SuperSeeker looks for your lost super in real time and can instantly provide you with possible matches. It is a free service available 24 hours a day, seven days a week.
SuperSeeker is at https://superseeker.super.ato.gov.au/individuals/default.aspx?pid=0 or by phoning 13 28 65.
Those most likely to have lost superannuation are those that have changed jobs or addresses. It's possible to also be listed on the register as a lost member if your super fund has been unable to contact you, as they do not have your address or the mail they sent to you has been returned or your super fund has not received super contributions or a rollover for you in the past five years.
If SuperSeeker finds a possible match, it will give you the name and contact details of the super fund/s that may have your lost super. You can then contact the super fund to give them your new contact details and discuss what to do with your lost super.
5 January 2009