How to find lost super

Your superannuation is one of the most important assets you own, providing the funds you need to enjoy a financially secure retirement. But if you’ve changed jobs or even moved house, you could have lost or unclaimed super out there somewhere just waiting to be found.

5 steps to find your lost super

Imagine this scenario: You're just 5 steps away from potentially reclaiming thousands of dollars.

1. Create a myGov account

• Start with your myGov account, linked to the Australian Tax Office (ATO).
• Under the Super tab and Fund details, view a list of all your super funds and their respective balances.
• You can also complete a form or contact the ATO's lost super line at 13 28 65. You will need to provide details such as your tax file number (TFN).
• To consolidate multiple super accounts, use your linked ATO account under the Transfer super option.

2. View all your super accounts

Once linked, access your superannuation details, including any accounts you might have lost track of. If your lost super doesn't appear in your myGov account, consider reaching out to past employers for information of superannuation contributions they made on your behalf. Pay slips may contain relevant details or employer contact information.

3. Identify missing super

Identify lost super that can be rolled over into a preferred super account. Some companies offer to find lost superannuation for a fee. However, it's recommended to start with the ATO and myGov for a more cost-effective approach.

4. Locate ATO-held super

Discover any super funds the ATO may hold for you, especially if your account has been inactive with a balance below $6,000.

5. Consolidate multiple super accounts

If you have multiple super accounts, consider consolidating them into one. This not only saves on fees but also makes managing your super easier.

How does super become lost?

Keeping track of your super isn’t always an easy task. If you’ve changed jobs, changed your name or address or even done some casual or part-time work, there’s a chance you may have lost track of some of your super.

Here's how it can happen:

• Job changes: Starting a new job without "rolling over" your super can result in lost accounts, especially if each employer contributes to a different fund.
• Moving homes: Failing to update your address with your super fund could mean missing out on vital communication, leading your super to become lost.
• Name changes: If you've changed your name, for instance, after marriage, and haven't notified your fund, it may no longer be able to match its records to you.

These common life events can make it challenging for your super fund to keep in touch, turning your active super into lost super.

Superannuation can slip through the cracks during life's transitions, but understanding the difference between lost and unclaimed super can help you reclaim what's yours.

Finder survey: How do Australians rate the diffculty of finding lost super?

Difference between lost and unclaimed super

How common is losing track of super?

According to the ATO, as of February 2023, there was $16 billion in lost or unclaimed super logged with the tax office. It's relatively easy to get that money back if yours is in the mix. In fact, since November 2019, the ATO consolidated nearly 4.7 million accounts worth over $7 billion.

With the introduction of super stapling on 1 November 2021, the likelihood of losing track of your super funds has significantly diminished. This initiative ensures that your super account stays with you when you change jobs, akin to a financial shadow faithfully following you throughout your career moves.

Instead of starting afresh with a new super account at each job, your existing super is stapled to you, reducing the chances of it becoming lost. Always remember to provide your super details when you start a new job to ensure your super continues to be stapled to you.

Why search for your lost and unclaimed super?

According to the Association of Superannuation Funds of Australia's (ASFA) Retirement Standard, if you’re a single person aged around 65, to enjoy a modest lifestyle in retirement you’ll need an annual income of $27,368. If you want a comfortable lifestyle, that figure rises to $42,764 per year.

By tracking down and claiming lost super, you could be one step closer to building the retirement savings balance you need.

If you hold multiple super accounts you’ll also be paying fees on multiple super accounts. And when you consider that your fund could charge anywhere between 0.5% and 1% (or even higher) of your balance each year in fees, it quickly becomes clear that it’s best to sort the problem out sooner rather than later.

Benefits of consolidating your super

• Reduce fees: Multiple super accounts means multiple sets of fees. Consolidation leads to paying a single set of fees, potentially saving you a significant amount over the long term.
• Simplify finances: Managing one account is easier than keeping track of several. It reduces paperwork and simplifies your financial oversight.
• Better investment tracking: With one account, it's easier to monitor your investment performance and adjust your strategy as needed.
• Streamlined insurance: Having all your super in one place means you have a single insurance policy, which could offer better rates and easier management.
• Avoid inactive account penalties: Consolidating can prevent your super from being transferred to the ATO as unclaimed money, avoiding potential penalties and fees for inactive accounts.
• Maximise compound interest: A consolidated super account may grow faster due to the power of compound interest on a larger balance.
• Reduce lost super risks: With only one account, you're less likely to lose track of your super in the future.

What to do before you consolidate your super

Before consolidating your super, it's crucial to consider several factors to ensure you're making the best decision for your financial future:

1. Check employer contributions: Examine your current super accounts to determine if switching funds will impact your employer's contributions. Some employers might contribute more to certain funds.
2. Review your insurance cover: Assess any insurance you have through your current fund, such as life, total and permanent disability (TPD) or income protection insurance. Changing funds could mean losing or altering this coverage, especially if you have pre-existing conditions or are over 60.
3. Seek independent advice: If you're uncertain about the implications of changing funds, especially regarding insurance, consider consulting a licensed financial adviser for guidance.
4. Notify your employer: Inform your employer about your chosen super fund to ensure your contributions are directed to the right place.
5. Understand your super fund type: Super funds come in different types, like accumulation or defined benefits. If you're part of a defined benefits fund, get professional advice before leaving, as these can be particularly advantageous.
6. Choose the right fund: Don't automatically transfer your super to the account with the highest balance. Evaluate all options, including smaller accounts or a new fund entirely. The best choice might not be the most obvious one.

How to consolidate your super

Once you've made an informed decision, consolidating your super is a straightforward process:

• Use myGov: Log in to my.gov.au, link your account to the ATO and use the Super then Manage options to transfer your super.
• Direct contact: Reach out to your new fund directly for consolidation.
• ATO rollover form: Utilise an ATO rollover form for transferring balances.

Remember, consolidating your super is about optimising your retirement savings. Take the time to consider all aspects before making the switch.

Choosing a super fund to consolidate your super

Now that you know how to consolidate your super, compare the different super funds below to find the one that is right for you.

1 - 10 of 448

Name	Last 1 year performance (p.a.)	Last 3 year performance (p.a.)	Last 5 year performance (p.a.)	Last 10 year performance (p.a.)	Fees on $50k balance (p.a.)
Australian Ethical Super Balanced Green CompanyEthical	Last 1 year performance (p.a.) +7.74%	Last 3 year performance (p.a.) +4.5%	Last 5 year performance (p.a.) +7.03%	Last 10 year performance (p.a.) +6.89%	Fees on $50k balance (p.a.) $603	Go to siteMore Info Compare
CareSuper Growth Industry fundHigher risk	Last 1 year performance (p.a.) +8.9%	Last 3 year performance (p.a.) +7.71%	Last 5 year performance (p.a.) +8.29%	Last 10 year performance (p.a.) +8.39%	Fees on $50k balance (p.a.) $553	Go to siteMore Info Compare
Aware Super High Growth Industry fundHigher risk	Last 1 year performance (p.a.) +10.17%	Last 3 year performance (p.a.) +7.44%	Last 5 year performance (p.a.) +8.85%	Last 10 year performance (p.a.) +8.69%	Fees on $50k balance (p.a.) $497	Go to siteMore Info Compare
HESTA Balanced Growth Industry fund	Last 1 year performance (p.a.) +8.15%	Last 3 year performance (p.a.) +6.99%	Last 5 year performance (p.a.) +7.39%	Last 10 year performance (p.a.) +7.61%	Fees on $50k balance (p.a.) $477	Go to siteMore Info Compare
UniSuper - Balanced Industry fund	Last 1 year performance (p.a.) +7.48%	Last 3 year performance (p.a.) +5.92%	Last 5 year performance (p.a.) +7.59%	Last 10 year performance (p.a.) +7.95%	Fees on $50k balance (p.a.) $351	Go to siteMore Info Compare
Spirit Super - Balanced (MySuper) Industry fund	Last 1 year performance (p.a.) +7.68%	Last 3 year performance (p.a.) +6.2%	Last 5 year performance (p.a.) +6.65%	Last 10 year performance (p.a.) +7.54%	Fees on $50k balance (p.a.) $452	Go to siteMore Info Compare
CareSuper Balanced Industry fund	Last 1 year performance (p.a.) +7.29%	Last 3 year performance (p.a.) +6.55%	Last 5 year performance (p.a.) +7.15%	Last 10 year performance (p.a.) +7.61%	Fees on $50k balance (p.a.) $553	Go to siteMore Info Compare
Australian Retirement Trust - Growth Industry fundHigher risk	Last 1 year performance (p.a.) +9.88%	Last 3 year performance (p.a.) +10.01%	Last 5 year performance (p.a.) +9.66%	Last 10 year performance (p.a.) +9.21%	Fees on $50k balance (p.a.) $542	Go to siteMore Info Compare
Spaceship - GrowthX Higher risk	Last 1 year performance (p.a.) +22.23%	Last 3 year performance (p.a.) +5.25%	Last 5 year performance (p.a.) +10.87%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $503	Go to siteMore Info Compare
Australian Retirement Trust - International Shares Index (unhedged) Finder AwardIndustry fundIndexed investmentHigher risk	Last 1 year performance (p.a.) +20.99%	Last 3 year performance (p.a.) +11.75%	Last 5 year performance (p.a.) +12.02%	Last 10 year performance (p.a.) +11.42%	Fees on $50k balance (p.a.) $187	Go to siteMore Info Compare

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Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.

*Past performance data and fee data is for the period ending Jan 2024

Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.

*Past performance data and fee data is for the period ending Jan 2024

How to keep track of your super

There’s also plenty you can do to ensure that you don’t end up with lost or unclaimed super in the first place:

• Check your super statement. When your fund sends out your annual super statement, review all the information it contains to make sure it’s still correct. If there are any errors, for example, if you’ve changed your name and this is not reflected in the statement, contact your super fund and let it know.
• Choose a fund and stick with it. Many of us change jobs multiple times early in our careers, so it’s worth finding a super fund you like and then making sure each new employer pays contributions to the same fund. To do this, use the Superannuation standard choice form to tell your employer of your choice of fund as soon as you start a new job.
• Update your details. If you’ve moved house or changed your name, remember to update the details on your super account. This way your fund will always be able to get in touch with you when needed.
• Make a contribution. How long has it been since your super account received a contribution? By making a small contribution every now and then, you could prevent your account from being declared inactive.

Frequently asked questions

• What is rolling over super?

  Rolling over super refers to the process of transferring your superannuation funds from one account to another. This is commonly done when consolidating multiple super accounts into a single account for easier management, reduced fees and potentially better investment opportunities. The rollover process can be facilitated through your chosen super fund or using the ATO's services via your myGov account. It's a critical step in managing your super efficiently, especially when changing jobs or aiming to simplify your retirement savings.

• Does rolling over my entire super close the account?

  Yes, if you transfer all the funds from your super account to another, the original account will be closed. This full transfer can be executed through your myGov account or by submitting a paper application.

• How can I locate a deceased person's lost super?

  To locate a deceased individual's lost super, you should initially contact the ATO to identify their super fund. Once you have this information, reach out to the super fund, providing necessary documentation like the death certificate. This is essential if you are a beneficiary seeking access to their super.