The 2016 Westpac Lost Super Report, has revealed almost half (48 per cent) of Australian workers are not sure if they have lost super however if every Australian claimed their share of the $13.5 billion in lost super today, it could be equivalent to an extra $42.4 billion in savings at the age of their retirement.
Your super account could be considered ‘lost’ if no money has been added for 12 months and your fund does not have your current address or for default employer super plans, if no money has been added for five years.
“With $13.5 billion in lost super across Australia, it’s one of the nation’s biggest financial opportunities to better secure retirement savings,” said Melinda Howes, superannuation expert at BT – the wealth management arm of Westpac.
Ms Howes said people don’t understand just how easy the process is and encouraged everyone to take the short amount of time to find what is rightfully theirs.
“It’s a real myth that finding lost super is time consuming and difficult, yet more than four in five (83 per cent) people described finding lost super like smoking or exercise; they know what they should do, but many don’t do it.
“If you have moved house, changed your name or changed your jobs you are especially vulnerable to having lost super,” she said.
The 2016 Westpac Lost Super Report also found three quarters (73 per cent) of Australians wish they looked after their super more when they were younger and the average Australian worker believes it will take them over an hour and a half (107 minutes) to find and combine lost super into one account rather than the minutes it actually requires.
“The ATO or your current super fund actually does all of the hard work for you. Just tell them you want to find your lost super or if you walk into any Westpac branch, the staff can help you search for it in a matter of minutes,” Ms Howes said.
