Lost Superannuation
Lost superannuation in Australia is possibly one of the top super concerns of many people nation wide. There are billions of dollars in lost superannuation with many of us holding accounts across multiple superannuation funds.
Unclaimed super
In October 2010, the Australian Government began transferring inactive unclaimed superannuation fund accounts into consolidated revenue. Over the next five years it is estimated the Government will gain around $10 billion.
If you've changed jobs or moved house, you've probably lost super somewhere along the way.
ATO lost super search
If you're not sure if you have lost super, or know that you do but can't remember the fund you were with, contact the ATO directly or use their online Super Seeker service. Make sure you have your tax file number handy to help your enquiry go smoothly.
Lost superannuation finder
If you've turned to the ATO and still think you have more lost superannuation, you can also contact the Lost Monies register in your state. These are usually found under your State's Public Trustee.
You can also contact the Australian Securities and Investments Commission (ASIC) and use their Unclaimed Monies Search.
As a last resort you can contact your previous employers to find out which superannuation fund your monies were deposited with.
Consolidate your lost super funds
Once you've found your lost super, you should consider consolidating them into one super fund.
Before you take any money out of a superannuation fund, first find out if there are any exit fees, and whether you lose any benefits such as life insurance. If you happen to lose any life insurance benefits you should make alternative arrangements.
xLife can help you consolidate superannuation monies. We can:
- compare Australia's top superannuation funds while taking into consideration your - personal situation, life insurance benefits, & exit fees
- take care of all the paperwork for you
- offer additional superannuation advice if requested
Contact an xLife superannuation adviser on 1300 135 205 for your free initial appointment today!
Get your first Superannuation Consultation FREE!
Talk to a Specialist Superannuation Adviser on 1300 135 205 about growing your superannuation today!
April 2011
