Welcome to my video series, where we explore the key personal finance topics for Australians at home and abroad. If you’ve ever worked in more than one job. If you’ve changed your name and address, chances are you may have a lost superannuation account sitting waiting to be claimed. In this video we’re going to explore how you find lost super and what you can do with it once you’ve found it.
Let’s get into it.
What is lost superannuation..?
There are currently a little over 6 million lost superannuation accounts equating to around 18 billion dollars. That’s a lot of money in a lot of accounts sitting there waiting to be claimed. Superannuation for anyone planning to retire in Australia is going to be likely one of the most tax efficient ways that you’ve got to both produce a retirement income and to save towards your financial independence.
Now we know that finding your lost superannuation accounts for most people is not going to be the most exciting thing, and perhaps not what you’re looking forward to after a long day at work, but if you can spend an extra 5 or 10 minutes, and find an extra thousand dollars, I think that would be worth the investment.
Let’s get into how you go about it.
How do I find my lost superannuation accounts..?
The Australian Government has set up an online portal called myGov. This is where you can access Australian Government services. If you haven’t already set up an account, head on over to my.Gov.au and follow the process to set up your account. Once you’ve done so, you’ll then be able to click on the ‘Services’ tab, head to ‘Link’, and follow the ‘Australian Tax Office’ authentication procedure.
For most that will mean that you’ll need your Australian Tax File Number. For a lot of people, you may not have this on file or know where to find it, so you can give the Tax Office a call, go through a verification process, and they’ll be able to release this number to you. Once you’ve linked your Australian Tax Office file and number to your myGov account, you’ll then be able to see any lost and reported superannuation accounts that you have.
I’ve found my lost super…now what..?
You’ve set up your myGov account, you’ve seen what superannuation accounts are there, and you’ve found that there are in fact a couple of lost superannuation accounts. If you’re working with a financial planner, or if you’d like to, you can reach out to a licensed Financial Planner in Australia, who can conduct a complimentary review of your superannuation accounts for you, and provide you with the best course of action, or at least some viable options.
If you haven’t, then I’d suggest contacting the super funds directly, and they’ll be able to provide you with the latest statement which will give you all of the latest information for you to then decide what you’d like to do with those super funds. Before you rush into consolidating or making any changes, you must do your homework first.
What do I need to review..?
When it comes to deciding what to do with your superannuation, you need to consider a variety of things. This will include any insurance that you hold inside the fund, what the fees are, what your investment options are, the structure of the superannuation account, whether it’s a defined benefit or a defined contribution scheme, and any other benefits that are associated with the account.
Once you’ve done that review, and you’ve decide which account/s you’d like to hold, and which accounts you’d like to consolidate, then you can start the process and complete the relevant paperwork, either with your Adviser who can assist you with this, or with the fund that you’re rolling your superannuation into. If you believe that you have superannuation accounts that are not being displayed, you may need to contact previous employers, or there are a few superannuation search vehicles that you can also sign up for and go through the process with.
If you have any questions at all about your superannuation accounts, or how you can go through the process of finding them, feel free to reach out to me and let me know, and I’d be happy to point you in the right direction and outline your options. Likewise, if you have any questions at all or a personal finance topic that you’d like me to explore in a future video, reach out and let me know, and I’d be happy to assist.
Thank you for your time, and see you next time.
To Your Financial Success!
Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3
Australian Expatriate Group is a division of Global Financial Consultants in Singapore providing specialist advice to Australians living abroad.
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.