Many of us have started new jobs and, in the process, accidentally opened a new super account without realising it.
Over time, as we move, change phone numbers, or switch employers, it’s easy to lose track of these accounts. If your super fund can’t contact you, your money is considered ‘lost’.
If it sits unclaimed long enough, it may even be transferred to the Australian Tax Office (ATO) for safekeeping. But don’t worry—your money isn’t gone forever. It’s just waiting for you to claim it.
The ATO estimated a staggering $17.8 billion in lost and unclaimed superannuation waiting to be reunited with its rightful owners. That’s not a typo—billions, with a ‘B’!
And it’s not just a theoretical pot of gold. In the past year alone, the ATO has paid out $502 million in lost super to everyday Australians who took the time to check.
‘Don’t miss out,’ ATO said.
What’s the difference between ‘lost’ and ‘unclaimed’ super?
Lost super refers to money sitting in a superannuation fund that has lost contact with you. Although the fund still holds your money, they do not know how to reach you.
On the other hand, unclaimed super, which the ATO holds, represents money that has been transferred from your super fund to the ATO.
This usually occurs because the fund could not locate you, or you meet specific criteria, such as being over 65 years old and not having claimed your super.
Even if you’re already retired, you might still have unclaimed super. The ATO said about $471 million in unclaimed super belongs to people aged 65 and over.
How to check if you have lost or unclaimed super
The good news is, it’s never been easier to check. Your ATO online services display all your super accounts, including lost and ATO-held super. Here’s how to get started:
- Log in to myGov and link your account to the ATO.
- From the top menu, select ‘Super‘.
- You’ll see options to:
- Check fund details: See if you have any lost super and update your details with your fund.
- Transfer super: Move lost or ATO-held super into your main super account.
- Withdraw ATO-held super: If you’re over 65 or the amount is less than $200, you can withdraw it directly.
If you’re over 65, the ATO may even pay your unclaimed super directly to your bank account as a lump sum. If you’d prefer the money to stay in the super system, you must nominate a fund over the phone.
Multiple super accounts mean paying various fees and insurance premiums, which can eat away at your retirement savings. By consolidating your super into one account, you’ll save on costs and make it easier to keep track of your money.
For more information, visit the ATO’s website or speak to your super fund.
Have you ever found a lost super? Did you have a pleasant surprise, or was it a hassle to claim? Share your stories and tips in the comments below.
Also read: Your super account could be at risk—what to do if you get hacked
