How to find lost superannuation in Australia

As the saying goes, every dollar counts in retirement. Yet millions of Australians are missing out on a pool of retirement savings worth billions - money that is rightfully theirs.

This is unclaimed or lost superannuation. The latest figures from the Australian Taxation Office (ATO) revealed that there's $18.9 billion worth of super waiting to be reunited with 7.3 million people.

That's lost and unclaimed money being held by the ATO ($6.2 billion) and by superannuation funds themselves ($12.7 billion).

"Superannuation is one of the most important investments you make in your lifetime, and we want to ensure every dollar earned for retirement ends up where it belongs," says Ben Kelly, ATO deputy commissioner.

"The ATO is continuing work to reduce the amount of lost and unclaimed super by reuniting individuals with their unclaimed super, but we need your help."

Why does superannuation go missing?

Peter Treseder, education manager at AustrailanSuper, says that people often get disconnected from their superannuation when they lose communication with their fund.

"Probably the biggest one is changing address. You might remember to change your license and your bills, but people often forget to update their super fund, so the fund doesn't know where to find you.

"It also happens when people change their phone number or email address - those typical ways for super funds to contact you."

In the past, it wasn't uncommon for workers to open a new account with a different fund every time they started a new job, which made it easier to lose track of multiple accounts.

"I remember a member in regional Victoria years ago who had 12 super funds from 30 or so jobs. When he got a new job he got a new fund and never kept track or consolidated them," Treseder recalls.

However, Treseder says that the introduction of super stapling in 2021 - where accounts follow people around when they switch jobs - has played a role in minimising new cases of lost super.

"Stapling has certainly reduced the number of accounts people have. What stapling doesn't address is accounts that people had before the legislation came in - they weren't consolidated."

How can you check for lost superannuation?

The ATO makes the point that just because you may have lost touch with a chunk of your superannuation doesn't mean that it's lost forever.

There are, in fact, some relatively simple ways that people can search for lost super.

1. Through the ATO

Australians who suspect that they have unclaimed super can search for it via a few different mediums through the ATO. That includes:

• The ATO Online portal via MyGov
• The ATO App
• The ATO's lost super search line (13 28 65)
• Filling out a 'Searching for lost and unclaimed super' form

2. Through a super fund

Alternatively, a number of funds now have tools and services to help their members connect with lost superannuation.

Treseder says that so far this year, 34,000 AustralianSuper members have been reunited with more than $62 million worth of lost super - the vast majority of whom were able to do so via their online accounts.

"When they find money, they're very happy. We had one woman in Brisbane who found over $40,000 in a lost super account that, somehow, she had forgotten about."

For people who do come across lost accounts, they can then consider consolidating that superannuation with their other funds (should they choose to).

It may also be worth checking for other lost money at the same time, given that there's more than $2 billion from dormant bank accounts, unpaid dividends and life insurance payouts waiting to be claimed.

What are the benefits of finding lost super?

Whether it's loose change under the car seat or missing superannuation in an old account, at the end of the day, finding extra money is always going to be a welcome development.

One of the additional benefits to finding and consolidating lost super though, Treseder explains, is reducing the amount of fees being paid.

"Yes, people are going to miss out on returns, but it's really the fees associated with having multiple funds that can be an issue.

"Having multiple accounts with multiple fees ultimately means that less money stays in your accounts, which means it's not going to grow the same way with the wonders of compound interest."

Treseder also believes that searching for lost funds can be an opportunity for people to check in on other superannuation settings.

"Look, super is often confusing for people, but it's actually fairly straightforward - you just have to start that engagement.

"That might be finding all your funds and, once you've found them, looking at making sure you're getting contributions, checking that your investment option is right and making sure your insurance arrangements are adequate for your needs."

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