How much of the forgotten super goldmine is yours?
How many times have you changed jobs, moved house or changed your name? For many of us the answer will be plenty of times. Every time you make one of these switches it’s easy to forget to bring your super with you.
According to figures from the Australian Taxation Office (ATO)*, there’s about $16 billion lost and ATO-held super. How much of it is yours? ATO-held and lost super is your hard earned cash, so it’s worth finding it.
Plus you may have other accounts you’ve forgotten about that haven’t made their way to the ATO yet. There's a good chance this money is just sitting in a forgotten super fund with fees slowly reducing the balance.
Since September 2013 we’ve helped over 3,000 customers find $70 million in lost or ATO-held super and combine it into their Suncorp account. One of our customers who recently combined his super savings with us is Godwin Beach resident Lyndon Wilkinson. Lyndon went on to our lost super webpage and found $90,000 in super sitting in several different accounts. It only took a few days to roll all the funds into his Suncorp super account, he’s now saving on fees and maximising his retirement savings.
We have a really simple, online process to help Everyday Super customers find their lost retirement savings:
- Submit your request via your Suncorp internet bank account or by contacting our customer service team on 1800 191 517.
- We’ll let you know if you have any lost or ATO-held super within three days of receiving your request.
- Once we’ve found any lost or ATO-held super you have, all you need to do is simply log back into your internet bank account and nominate the funds you want to transfer.
All it takes is a couple of clicks to confirm which funds you want to transfer. Generally your nominated fund should process the transfer within a few days.
With the ATO preparing to increase the lost super threshold from $2,000 to $4,000 in December 2015 and to $6,000 in December 2016 now’s the time to find your lost retirement savings^.
So why not log into your Suncorp internet bank account or call our Customer Service team today on 1800 191 517 to see if you are one of those Australians who have lost or ATO-held super?
Before moving your super you should consider: any fees payable (e.g. for exit or withdrawal), where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to your investments and tax position.
^ The threshold below which lost accounts are required to be transferred to the ATO is proposed to be increased from $2,000 to $4,000 on 31 December 2015 (and then to $6,000 on 31 December 2016) – legislation is expected to be included in the winter 2015 sitting of Parliament i.e. legislation has not yet been introduced.
Source: SASG minutes March 2015