Managing your super account goes a long way in helping you plan for your retirement days. According to the Australian Taxation Office, more than $3.1 billion of misplaced super accounts are waiting to be claimed. Hence you may come across questions of how to find my lost superannuation.
What is unclaimed superannuation? The ATO has described it as accounts that have been held by the tax offices as the fund is unable to reach the member. This could also happen if the account has not received any payments for five years and needs to be transferred to ATO to protect them from fee accumulation.
In other situations, an account is branded to be a lost super if the fund has not gotten any contribution for the last twelve months. The institution in which you opened the account can place it in this category if they cannot contact you and if you have not accessed details concerning the account for the past twelve months.
How do I find lost super? If you are sure that you cannot trace an individual account, you can create a myGov account ensuring that you link it to ATO to find lost super online. This lost super search process will help you see upfront all details when you embark on to find my lost super.
What do I do when I find my super? Once you find out what you have in the accounts, you can consolidate. Check the fees of your other account charges and if you may lose any benefits like pension options or insurance.