Lost super

$16.8 billion in lost superi… is some of this yours?

During your working life you are likely to have several employers pay compulsory superannuation contributions on your behalf. However, when you leave an employer your superannuation often remains in that employer’s superannuation plan or is rolled over into an eligible rollover fund...and sometimes you may lose track of it.

These amounts are reported to the Australian Taxation Office (ATO) and recorded on the Lost Member Register (LMR).

In fact, according to the ATO there were 3.4 million lost super accounts in June 2012. The total amount of lost superannuation is a staggering $16.8 billion. Given the average Australian has three superannuation accountsii, could some of this lost super be yours?

 

Making it easy to keep track of your superannuation

The Government makes it very easy for you to keep track of your superannuation. Simply register for online services on the Australian Taxation Office’s SuperSeeker website.

Once you have registered, you will be able to use the ATO’s online services and SuperSeeker to:

  • Find lost super - there are billions of lost super dollars, see if some of it is yours
  • Find super held by the ATO - if the government, a Superannuation Fund or one of your employers can't find a Fund to transfer your super to, these amounts may be transferred to the ATO
  • Check your current super accounts where money has been paid into in the last two financial years
  • Consolidate multiple super accounts into one Superannuation Fund.

Find out how to register for the ATO’s online services or watch their video below and create a secure login.

 

Consolidate multiple accounts

Have you located lost super, or have multiple active superannuation accounts?  Do you find it hard to keep track of your valuable retirement benefits? 

With the average Australian having approximately three superannuation accounts, you are not alone.   Don’t worry; we can help you consolidate your super into one account.

Why consolidate?

There are a number of benefits of consolidating small account balances into one account, including:

  • Less fees: With more than one superannuation fund, it’s likely that you are paying higher ongoing fees. Consolidate today and ensure these savings are put towards your future.
  • Ease and convenience: If all your superannuation was in one fund, not only would it be easier for you to keep track of it, but you could rely on that one source for information about your superannuation.
  • Focus: One superannuation plan ensures one cohesive investment strategy to ensure you remain focused on growing your retirement benefits.

Easy steps to consolidate

  1. In addition to any lost superannuation that you find, gather together copies of your old superannuation statements that you have stored away.
  2. Before consolidating your super into one account you should first check:
    • If you will have to pay any termination fees
    • If you lose any insurance benefits
    • That the fund you are consolidating into has all the services you want
    • That your employer can contribute to your chosen fund
  3. Complete the Zurich Superannuation Transfer Request Form (pdf 474kb)  (one for each fund you are transferring from) and we’ll arrange for the various amounts to be transferred to your Zurich superannuation plan.

    When you have signed and completed the Superannuation Transfer Request Form, return it to:

Zurich Client Service Centre

Locked Bag 994

North Sydney NSW 2059

Alternatively, you can log into the ATO’s SuperSeeker search tool and consolidate online.

Either way, when the money is received by Zurich, we will confirm that the money has been received and how much was deposited to your account.  It’s that easy with Zurich.

Helpful tips

  • If you can’t locate all your super, call your previous employer(s). Ask them where your super money was placed. Find out the name, address, member/policy number and telephone number of the super fund and call them to confirm that they have your money, and if any exit fees apply.

  • Remember to discuss the strategy most appropriate to your individual circumstances with your financial adviser.

  • Even if you are not ready to consolidate your superannuation benefits into one account, don’t forget to provide details of your current address to the administrator of the superannuation fund that was lost.

Further information

Should you require further information about the benefits of consolidating your superannuation into one fund, please do not hesitate to contact your financial adviser or the Zurich Client Service Centre on 131 551.

iAccording to the Australian Taxation Office (ATO).

ii At June 2012 there were almost 32 million superannuation accounts in Australia which is almost three accounts for every worker.  This suggests many Australians have multiple accounts.

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