According to the ATO, more than seven million superannuation members have unclaimed or lost super, with the average amount per person sitting at $2,590. Although the funds remain accessible, the longer they go unclaimed, the more difficult they can become to recover. This highlights the importance of Australians checking for lost super, especially as this money could make a significant difference to their retirement savings.
The Scale of Unclaimed Superannuation
The issue of unclaimed super is far more widespread than many Australians might realise. Fresh figures from the ATO reveal that more than $19 billion in unclaimed super is sitting in limbo. With an average unclaimed balance of $2,590, the funds could add up to much more over time, especially with compound growth. For some, this could represent a substantial addition to their retirement savings. The importance of consolidating super accounts has also been highlighted, particularly for those who have had multiple jobs or moved homes in the past.
Ben Kelly, Deputy Commissioner at the ATO, notes that Australians who have held multiple super accounts could find themselves losing money to unnecessary fees. “Around four million individuals hold two or more super accounts,” he said. “It’s important to know how many super accounts you have and to consider if it is appropriate to consolidate your super to reduce fees and make it easier to manage.”
Such consolidation not only helps reduce administrative costs but also ensures that all retirement savings are kept in one place, allowing them to grow more effectively over time.
Simple Steps to Claim Your Super
For many Australians, the process of claiming lost super is far simpler than expected. The ATO has introduced the myGov Super Health Check, an easy-to-use online tool that allows users to check if they have any unclaimed super. This tool is particularly useful for those who have changed jobs, moved houses, or spent time overseas, circumstances that may have led to superannuation accounts being forgotten or overlooked.
Assistant Treasurer Daniel Mulino has called on Australians to take a few minutes to check whether they have lost super, urging them to visit the ATO website to use the myGov Super Health Check. He emphasised the financial impact of paying multiple fees and not consolidating super accounts, warning that such practices could erode retirement savings. “Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note – it’s your money, you just didn’t know it was there,” Mulino remarked, drawing attention to the ease with which Australians can reclaim their funds.
According to the ATO, over 3.1 million super accounts, valued at almost $5.5 billion, have already been returned to members. The government continues to push for greater awareness and action, particularly given that unclaimed super is often lost due to inactive accounts where the super fund cannot locate the member.
