Are you one of the many Australians who has more than one superannuation account? If you are, you could be losing money right now through:
- paying multiple sets of fees which may be eating away your super balance
- paying insurance premiums from inactive accounts for cover that you may not need
Where do I look?
If you're not sure whether you have multiple accounts, you can look for your lost super in several ways:
- a number of different search options are available by phone or over the internet, but be aware that some companies will charge you a fee to look for your lost super.
- you can search for your unclaimed super for free – Australia’s Unclaimed Super Fund (AUSfund) and the Australian Tax Office (ATO) don’t charge for super searches.
Internet search
Australian Tax Office
The ATO offers a free, easy- to-use search engine called SuperSeeker. You'll need to provide your tax file number and date of birth. You can access this search at www.ato.gov.au/super or by phoning 13 28 65.
AUSfund
AUSfund is an Eligible Rollover Fund (ERF) and a complying, regulated superannuation fund which looks after small, lost and inactive accounts. Your previous fund may have chosen AUSfund as its ERF and rolled your account into AUSfund if it was unable to contact you, you had a small account balance or you were no longer receiving any contributions into your account with them. AUSfund also accept accounts from super funds that are closing.
AUSfund offers a free lost Super Search service. You can visit AUSfund on www.unclaimedsuper.com.au and do a search online.
Direct contact
Contact previous employers
Contact your previous employers and ask which super fund they paid contributions to on your behalf. You can then contact the super fund directly to confirm your account details.
There are many industry-specific super funds. HESTA is one of these funds, servicing the health and community services sector. If you have worked in the health and community services industry and have lost track of your superannuation, call HESTA to check if you had an account with us.
Then what?
After you’ve found your lost super, consider how rolling it into one super account may help you build your super savings. But first, check whether:
- there are any exit or entry fees to leave your previous, or join a new, fund and what their impact they may have on your balance
- you may lose any other benefits, such as insurance cover, you have through your previous fund
Consider seeking financial advice before you organise your super rollover to help you compare the benefits and costs of your current and previous funds.