If you’ve ever changed jobs, or held a second job that paid superannuation, then it’s possible you have some lost or unclaimed super that you don’t even know about. In fact, billions of dollars in unclaimed and lost super are currently being held by super funds and the Australian Tax Office (ATO).
Often, super is held by the fund into which it was paid, and can remain idle – especially if the super fund is unable to contact you. This is commonly known as lost super.
In the past, super funds holding small, inactive accounts have usually transferred the super money to AUSfund (Australia’s unclaimed super fund) where it is held until claimed.
Under Australia’s superannuation law, from 1 July 2014, many smaller super accounts which have not received a contribution for at least 12 months, must be transferred to the ATO, and it is then held there on your behalf. This is known as unclaimed super.
It’s still your super though, and you’re able to claim it and transfer it to your preferred super fund.
To find any unclaimed super, both AUSfund and the ATO have superannuation search tools. Generally all you need is your Tax File Number (TFN) and, if you want to transfer your unclaimed super to your preferred super fund, your super fund membership number as well.