Unfortunately many Australians lose track of their superannuation accounts because they don’t treat them as seriously as bank savings.
When they change their name, change their job and their address, they forget to tell the super fund that there has been a change of circumstances and unfortunately that means that there are a lot of people who have lost contact with their superannuation savings.
What it means is that people need to be giving more information to the superannuation funds and make sure that they’re tracking where that money is ..
An account is considered lost if its been inactive for two years or if mail sent out by the super fund is twice returned unanswered. There are plenty of people happy to let their super remain anonymous and dormant, but on the whole the lost accounts belong to a certain type of Australian – highly mobile and in and out of jobs.
Most of the accounts on the register are for people in the age bracket of 25 to 44, and in the main it’s people who’ve been in the workforce since 1992 when super guarantee was introduced.
Lost superannuation has “blown out” from $8.2 billion in 2004-05 to $9.7 billion in 2005-06; a $1.5 billion increase in one year, says the Minister for superannuation, Senator Nick Sherry. The number of lost accounts also increased from 5.4 million to 5.7 million over the same period. One in two adult working australians now has a lost super account.
– excerpt from SMH article “Lost nest eggs close in on $10 billion”
The incoming Rudd Labor Federal Government has announced that they will introduce a system where lost super accounts would be transferred to one central account and filed according to tax file number.
Whenever the Australian Taxation Office receives notification of a current super account, the lost balance would automatically be transferred to it. This should help to transfer some of the billions of lost super to rightful owners.
AUSfund wants to help you find lost superannuation accounts and return these to your active superannuation account and it does so by providing a FREE service to find any lost super that’s waiting for you to claim.
The Ausfund Member Search Service has been created to help you get in touch with your lost superannuation. The Member Search Service checks your details against the 1.3 million records in the AUSfund data base.
There is no charge to use the Member Search Service and you will only be contacted by Ausfund if you send them a AUSfund Enquiry Form. You should never pay anyone to find your lost superannuation money!!
The next step is to use the ATO’s FREE Super Seeker Service which will search other databases of lost super accounts.