Worst postcodes for lost super: the suburbs missing out on millions
Almost $21 billion in superannuation remains lost and unclaimed, new data from the Australian Taxation Office (ATO) shows.
Last year more than 540,000 active, lost and unclaimed super accounts worth more than $4.4 billion was consolidated using ATO online via myGov.
"Often people lose touch with their fund by simply changing jobs or moving home. It's important to know that this doesn't mean it's lost forever, getting back in touch is easier than you think," says ATO Assistant Commissioner Graham Whyte.
Legislative changes now allow the ATO to reunite Aussies with their lost super. In one case, a 68-year-old woman was reunited with $1.5 million, while a 65-year-old woman reclaimed $600,000 after losing her home to bushfire.
"We are now working to reunite Australians with these amounts by either transferring it into an active super account, or directly into their bank account where the amount is less than $200 or the member is aged over 65 years," says Whyte.
"So far, we have reunited just over 841,000 accounts worth nearly $1.38 billion. This includes approximately 684,000 accounts worth $1.22 billion that have been transferred into an individual's active super account and approximately 157,000 accounts worth $161 million directly to individuals' bank accounts."
The ATO expects more than a million people will receive a direct payment of lost super.
Whyte says that anyone who expects a direct payment should update their bank account details on MyGov.
"Even if you won't be eligible for a direct payment, it's important to do your future a favour by engaging with your super now."