Lost Your Super fund? Don’t worry Lost Finder Here

Posted by yourlostsuper on December 16th, 2019

The Australian pension system is based on a combination of two main components - public and private pensions.

A state pension upon reaching retirement age is a traditional pension, which is financed from the state budget. Such a pension in Australia is paid to a citizen or resident of Australia who has reached the age of 65, which is a pension for both women and men.

The size of the state pension at the moment is about 500 US dollars for a single pensioner and about 900 dollars for a married couple. The size of the pension is stably revised in accordance with inflation and rising prices.

In order to receive a state pension in Australia it is not at all necessary to ever work. It does not matter the size of the salary. The main purpose of such a pension is to provide a minimum standard of living for any elderly Australian. The amount of pension paid in Australia also depends on income and real estate. Naturally, the state in any way seeks to ensure that the Australians independently take care of themselves in old age. Australia is rapidly aging and by 2030 about 25% of the population will be older than 65 years.

Fund Lost

Lost Superannuation Australia - Funds must report ‘lost’ super to the ATO twice a year. The laws of super mention a very large description of in which conditions your fund treated as lost. It can happen when:

Unreachable – when fund is not assigned at your latest  address and unable to contact you, and you  had no contributions  into your account in the last 1 Year.

Inactive – By no contributions is noted into your account in the last five years.

In some condition, super fund consider to be lost super accounts as unclaimed fund and credited   to the ATO. It happen when your said  super account is less than ,000  i.e. small  or ‘Insoluble’  that means the fund does not have enough information regarding  you to reasonably verify your entitlement to the super balance).

Find Lost Super ATO

Sometime you have to Find Lost Super ATO to avoid the unnecessary multiple charges and mis-linked of fund in different account or main account.    

Lost Super Search Online offer finding super fund service to help the finding the other super accounts. Searches the ATO data to find your accounts for you, and automatically claims any super held at the ATO.

For finding the super fund you have to give Tax File Number and authority to search for your super on your behalf. The fund will let you knowledge the results of the search so you can choose whether to transfer any other super accounts into your main account. You can put a request form for Find My Super ATO

If you already know about your other accounts, your main fund can help you consolidate these. Many funds offer an easy method to consolidate super online, or you can give your fund details of your other accounts and ask them to arrange the transfer for you. This can be especially useful if you have lots of old accounts you want to consolidate.