The Ultimate Guide on How to Track your Lost Super

Posted by Australian Super Finder on November 20th, 2019

It is widely known especially for employees around Australia that their super is their retirement’s savings. So for anyone who have lost access to their own super fund accounts, it is by far the most annoying thing to happen since it is involving unclaimed money. If you are someone who is currently looking for a solution to track your lost super, you are in the right direction.

Here, we are going to help you find your lost money so it will make you feel better. We know how frustrating it is to lost something that you have really worked hard for. Make sure that you read until the end to finally embrace your money again.

What is meant with lost super?

Losing your super is like losing your treasure trove. As mentioned above, your super is your retirement’s savings. This means that it is your own money that you have accumulated for the whole duration of your working life.

According to australiansuperfinder.com.au, over  billion worth of money was lost due to the reason that the contributor has left it inactive, or has opened another super fund account and forgot the old one. Although you are entitled to as many super fund account as you want, you have to remember that you have more than one responsibility now. That is when you choose to open not just one, but as many super fund of your liking.

What will happen if you lost track of your other super fund accounts?

If you are one of those people who have forgotten about their other super fund accounts, most of the time your super fund will report you as a lost member. There are specific situations that make you one, such as (source: canstar.com.au):

1. Your super fund has not been able to contact you.
2. Your super fund accounts have not received any contributions or rollover amounts for you in the last five years.
3. Your account was transferred from another fund as a lost member account and no new address has been found.

Generally speaking, if you cannot manage to have more than one super fund account, better just maintain one. It is also for your own good as it will save you money. Aside from the fact that you will only think about one super fund, you will not also pay more than one fee.

If there is lost super, there is also unclaimed super. Since you have already understood what makes a person to become a lost member, let us also go ahead and understand what makes an unclaimed super. Read More...