If you think you might have some money lurking around in a forgotten super fund, now’s the time to act before it falls into the Government’s coffers.
If you have worked in Australia for any given period from 1992, it is likely that your employer will have paid superannuation contributions for you. When you change jobs or move home, it’s relatively easy to lose track of funds holding small amounts and this is where the Government benefit.
Currently, there is $5.15 billion unclaimed superannuation sitting in approximately six million super accounts. This means that about 50% of Australians have a little pot of money waiting to be claimed. If you don’t remember rolling over your superfund every time you changed job then it’s possible you have some unclaimed super in an ERF as balances under $1,000 are often automatically rolled into an ERF by super funds.
With new regulations covering unclaimed super funds being introduced this year, some 1.54 million accounts which hold less than $200 will be closed and the money, estimated to be over $100 million, will be passed to the ATO.
Now is as good a time as any to trace your lost super. To search for lost super, click YOURLifeChoices simple shortcut to the ATO’s Super Seeker.
Information provided by Jason Clarke, CEO, Superratings Pty Ltd.