Do you have lost or unclaimed Superannuation?
Could you have superannuation sitting in an account you've forgotten about?
Changing jobs, moving house, changing your name or simply losing track of an old super account can all result in super becoming lost or eventually being transferred to the Australian Taxation Office (ATO).
The good news is that checking for lost or unclaimed super is free and can often be done online in just a few minutes.
It's also worth considering when administering a deceased estate, particularly if you're unsure whether the deceased had super accounts from previous employers.
What is lost or unclaimed super?
Lost super is generally super held by a fund that has lost contact with you or where your account has been inactive for an extended period.
A super fund may report you as a lost member if the fund has lost contact with you and your account hasn't received a contribution or rollover for 12 months, or if the account has been inactive and hasn't received contributions or rollovers for five years.
Unclaimed super, on the other hand, generally refers to certain super amounts that a fund has been required to transfer to the ATO. The ATO then holds the money until it can be reunited with its owner or otherwise paid according to the relevant rules.
How does super become lost?
Super commonly becomes lost when people change jobs or contact details and forget to update their super fund.
Common reasons include:
- changing employers several times
- having different super funds through different employers
- moving house
- changing your name
- changing your email address or phone number
- having an account that hasn't received contributions for several years
- forgetting the name of an old super fund
- having an old low-balance or inactive account.
If you've been working for several decades or have had many employers, it's particularly worthwhile checking whether you have super you've forgotten about.
How do I check if I have lost or unclaimed super?
The easiest way to check for lost or unclaimed super is through ATO online services linked to your myGov account.
Once logged in, go to:
ATO Online Services → Super → Fund details
This allows you to see super accounts the ATO has matched to you, including active accounts, lost accounts and ATO-held super.
If you see "Contact fund" next to an account, this may indicate lost super that is still held by that super fund.
If money has already been transferred to the ATO, it should generally appear as ATO-held super.
You can also check using the ATO app.
Can someone else search for my lost super?
Yes. An authorised third party may be able to conduct a lost and unclaimed super search on your behalf. The ATO's NAT 2476 form allows an authorised third party to complete the search, although supporting documentation such as written authority may be required.
Registered tax agents can also access super information for their clients through ATO Online Services for Agents.
Can you search for lost super for someone who has died?
Yes, but special rules apply when accessing the tax and super information of a deceased person. This can be particularly important for executors and administrators dealing with a deceased estate.
Someone who worked for numerous employers during their lifetime may have had several super accounts, and their family or executor may not know that some of these accounts exist.
The ATO has a specific process for accessing a deceased person's tax and super information. Generally, the person requesting information needs appropriate authority to act for the estate.
Depending on the circumstances, information or documents required may include:
- the deceased person's full name and date of birth
- their TFN, if known
- evidence of death
- details of previous addresses or employers
- information about known super funds
- probate documents
- letters of administration
- evidence establishing the person as the legal personal representative or other authorised person.
The ATO's lost and unclaimed super form specifically refers to signed probate papers or letters of administration as examples of supporting documents that may be required for an authorised third-party search.
Should I consolidate my super if I find an old account?
Not necessarily. Finding lost super doesn't automatically mean you should immediately roll it into another fund. Consolidating accounts can make your super easier to manage and may reduce duplicated fees. However, closing an old super account could also mean losing benefits such as life insurance, total and permanent disability insurance, income protection insurance or particular investment options.
Before transferring or closing an account, consider the fees, insurance and other benefits attached to it and how the decision fits with your broader retirement strategy.
Why is it worth checking for lost super?
Finding even a relatively small amount of lost super could make a meaningful difference to your retirement savings over time.
It's also a good opportunity to conduct a broader super health check. Check that your employer contributions are being received, your contact information is current, your beneficiary nominations are up to date and your existing super arrangements still suit your circumstances.
Frequently Asked Questions About Lost and Unclaimed Super
How do I find my lost super in Australia?
Log in to myGov, access ATO Online Services and select Super → Fund details. This should show super accounts the ATO has matched to you, including lost accounts and ATO-held super.
Is there a fee to search for lost super?
No. You can search for lost or ATO-held super is free.
What's the difference between lost super and unclaimed super?
Lost super may still be held by a super fund, while certain unclaimed super amounts are transferred to and held by the ATO.
Can an accountant check for lost super?
A registered tax agent can access a client's super information through ATO Online Services for Agents. Other authorised third parties may also be able to undertake a search where the ATO's requirements are met.
Can an executor search for a deceased person's lost super?
Yes. An appropriately authorised person dealing with a deceased estate may be able to access information about the deceased person's super. Probate, letters of administration or other evidence of authority may be required.
What if my super isn't showing in myGov?
Check that your personal details are correct with both the ATO and your super fund. Differences in names, addresses or other details can make records more difficult to match.
Should I combine all my super accounts?
Don't automatically consolidate accounts without checking them first. You could lose insurance or other benefits attached to an existing account.
Could You Have Super You've Forgotten About?
With billions of dollars in lost and unclaimed super across Australia, spending a few minutes checking could uncover money you didn't realise you had.
But finding lost super is also a good opportunity to look at your overall superannuation and retirement strategy. If you discover multiple super accounts, haven't reviewed your super for years, are approaching retirement or are dealing with the financial affairs of a deceased estate, Cashflow Financial can help.
Our team can assist with reviewing your super position, identifying relevant tax and financial considerations and helping you understand what your next steps should be.
This article provides general information only and does not take into account your individual objectives, financial situation or needs.