More than $21bn in forgotten superannuation unclaimed by millions of Australians
More than $21 billion of unclaimed retirement benefits have languished in the forgotten accounts of millions of Australians, new data has revealed.
Approximately 7.3 million accounts belonging to Australians across the country currently hold unclaimed superannuation funds.
In just seven months, the Australian Taxation Office has “reunited” nearly 360,000 Australians with a whopping $600 million in unclaimed superannuation benefits.
Deputy Treasurer Daniel Mulino said Australians were working hard for their superannuation funds and the government wanted to ensure people could access what was owed to them.
“That’s why the government has introduced legislation to support Australians making an informed choice about their retirement when starting a new job.
“If you changed your job, traveled abroad or changed your name, you may have some retirement funds left behind.
“We want to bring you and your money back together so it can do its job and help grow your retirement savings.”
While the average lost pension amount is $2950, some have it much higher.
Since July the ATO has awarded more than $100,000 to a Melbourne man in his 70s.
Another woman who lived and worked in regional Queensland was also reunited with more than $500,000 in her missing retirement account.
To track potential losses of funds, Australians are asked to log into ATO online services via myGov or the lost super hotline.
If the fund cannot be accessed, the balance can be transferred to the ATO until claimed.
Super accounts are reported to the ATO by super funds if the fund becomes disconnected from someone or if the account has not received any contributions or rollovers for 12 months.
If no contribution is received or nothing is transferred for five years, the opposite is reported.
