27. Finding your lost superannuation
Are you one of the estimated 5.7 million Australians who have lost superannuation? It's estimated that nearly $10 billion is lying unclaimed in super funds, some of which could be yours. We have some tips to help you find it.
Become a SuperSeeker
Finding your lost super doesn't have to be a daunting task. For many people, it's a relatively simple exercise that can be done online or with a telephone call.
Don't think you have lost super?
Well if you've ever changed jobs, moved house, had a casual job or even left work to raise your family, chances are you've lost some super along the way.
The first step is to jump online to the "super" page on the ATO website (www.ato.gov.au/super) where their SuperSeeker tool allows you to search the lost members' register (LMR), which holds details of lost super accounts and the name of the super fund that reported the account as being lost.
You can either conduct a free online search, phone the SuperSeeker help line on 132 865 or lodge a paper form search request.
In all cases, you will need to be ready to provide your name, date of birth and tax file number.
Not getting very far?
So what about if you think you have lost super that is not on the register? Try these tips to help you find it.
1. Search your documents
If you have old statements, they can be
a good starting point to find your super.
You can contact the fund using the
details on your statement, to see if they
still hold your account. The fund will
then be able to tell you if your account
is still open, or if they have rolled it over
into another fund, where it went to.
2. C ontact your previous employer
If you can't find an old statement, try
contacting the employer that paid you
the super. They can tell you which super
fund they were using at the time, and
provide you with their contact details.
I know where it should be, now what?
Remember!
You need to provide a certified copy of some identification with your rollover form. This is to ensure that your super is being transferred legitimately. The rollover form provides instructions on how to ensure you have met the identification requirements. Email: yoursupersolution@russellsuper.com
After you have 'found' your super, by locating the name of the fund, making contact can still be difficult. Super funds often change their name or merge with other super companies.
A good first step is to try Google or Sensis, using the name of the fund. Remember to look for Australian websites only. Most major super funds will be located by this type of search and their homepage will tell you the current telephone number, information about whether your fund has merged with another, or if it has closed and what fund it's remaining members were transferred to.
If you still can't locate contact details and you're sure you have the correct name of the super fund, you can use 'Super Fund Lookup' which is available at www.abn.business.gov.au
Consolidating your lost super accounts
After you have found your lost super, you will want to consolidate it into one main super fund. This means one account to keep track of, almost always saves you on fees and your money working for maximum benefits.
Before consolidating, check whether you
will incur any unreasonable exit/withdrawal
fees and if you will lose any insurance cover
when you close the account.
You can find a copy of the Russell SuperSolution "Your Rollover" form on our website.
Issued by Russell Employee Benefits Pty Ltd ABN 70 099 865 013, AFSL 220705 ("REB"). This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. The information has been compiled from sources considered to be reliable, but is not guaranteed. Any examples have been included for illustrative purposes only and should not be relied upon for the purpose of making an investment decision. Past performance is not a reliable indicator of future performance. Total Risk Management Pty Limited ABN 62 008 644 353, AFSL 238790 ("TRM") is the trustee of the Russell SuperSolution Master Trust and the issuer of the Product Disclosure Statement ("PDS") for the Russell SuperSolution Master Trust. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in any Russell product. The PDS can be obtained by visiting www.russell.com.au or by phoning 1800 555 667. REB and TRM are part of the Russell Investment Group ("Russell"). Russell or its associates, officers or employees may have interests in the financial products referred to in this fact sheet by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, Russell or its associates, officers or employees may buy or sell the financial products as principal or agent. SS_FACT_LostSuper_V1_0801