The ATO has just announced the latest figures on unclaimed and lost superannuation accounts. These are the accounts held by super funds, where they have lost communications with the fund member. Lost super accounts and balances are then transferred to the ATO after a period of time, where they are considered to be unclaimed super.
There are more than 6.3 million lost super accounts as of 30 June 2017 and $18 billion worth of unclaimed super accounts. Super funds are currently holding lost super accounts worth $14.2 billion with unclaimed super worth $3.75 billion. This is after four financial years, where the ATO have reunited 1.68 million accounts amounting to $8.12 billion with account owners.
Cairns and Mackay in North Queensland have the most super accounts with 18,288 accounts worth $61.4 million and 13,338 accounts worth $62.2 million, respectively. Liverpool and areas around NSW follow next with 13,994 lost and unclaimed super worth $59.1 million.
People can lose track of their super funds when they move houses, change jobs or neglect to update their super fund details. They may also lose contact with their super accounts, which were established early in their career. The number of people with multiple super accounts has dropped but there still remain about 2.3 million Australians who have three or more super accounts.
People can look for their lost or unclaimed super, combine their accounts and keep track of their super through myGov ATO online services. More than 50% of lost super held by super funds worth $7.6 billion belongs to people aged 40 to 55 years old.
What can you do?
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