First, what is Lost Super?
Over $16 BILLION dollars sits in Super Fund and Austrlian Taxation Office Lost and Unclaimed Super accounts. Some of it could be yours. Especially if you’ve ever changed jobs, moved house, or changed your nam. Are you among the millions of people that have money in a lost Super account?
Your Super may be considered Lost if:
Correspondence to you from your Super Fund has been returned unclaimed
For some funds, you have left your employer and have not contacted your Super Fund to tell them where you would like to roll over your balance
No money was added to your account in the last year and your Super Fund doesn’t have your address
You were in your employer's default fund (most people) and no money has been added to your account for five years
Your balance is insufficient to pay the fees on your account
If your Super is Lost but worth more than $2 000, your Super Fund will usually transfer your money to a special type of Super Fund called an Eligible Rollover Fund (ERF). An ERF is not allowed to accept normal Super contributions and is prohibited from charging you fees which exceed your investment earnings.
Unclaimed Super is transferred to the Australian Taxation Office (ATO).
Why should I care?
If your Super is Lost or Unclaimed you are losing out. Time is your enemy. The faster you find your Lost Super the quicker you can get plans for your future back on track. Either way, you will no longer be covered by the insurance policy you had in your Super, and your Super won’t be invested how you wanted.
It’s unlikely to be earning much
Super transferred to an ERF is usually invested conservatively which is unlikely to suit your needs in the long term
How to find your lost Super
If you are comfortable with paperwork, you can find your Lost Super with time and patience. Start with a search online using the ATO’s SuperSeeker
Finding your Lost Super is just the beginning. You need to decide where to transfer it, what investment option is right for you and whether you should choose to buy insurance.
How can Life Sherpa® find my Lost Super?
During this process your Sherpa will find your Lost Super, consolidate your Super accounts and provide recommendations on how to invest your money so it’s performs better for your future.
With over 25 years in Financial Services from consulting to management, Vince Scully is the go-to guy for wealth management and financial advice. Before creating Life Sherpa®, Vince founded the Calliva Group; a fund manager, product issuer, adviser and lender. Vince is an adviser to the Wealth Management Industry, and prior to his role as CEO at Calliva, a senior member of Macquarie Bank’s infrastructure team.