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What is lost super?

There’s a lot of lost and ATO-held super out there, around $16.2 billion# in fact. Do you know where all of yours is? If you’ve ever changed jobs, moved house, or changed your name, there’s a good chance you may not have kept tabs on all your super.


Your super account will generally be considered ‘lost’ if:

  • No contributions or rollovers have been added to your super account in the last year and either your super fund never had an address for you, or mail sent to you by your super fund has been returned unclaimed, or
  • For employer-default super plans, no contributions or rollovers have been added to your super account in the last five years.


BT and Westpac make it easy to find your super with Westpac SuperCheck. Best of all it only takes a matter of seconds. Watch this video in less than 60 seconds, just like a Westpac SuperCheck.
 

 


Under some circumstances the balance in your ‘lost’ super could be transferred from your super fund to the ATO, for example, where:

  • Your account balance is less than $2,000, or
  • Your super fund is unable to identify you as the owner of the account based on the information they have available to them.


The ATO could also be holding other super amounts for you such as super guarantee amounts paid to them by a previous employer, or super co-contributions or low income super contributions paid by the Government.

Things you should know

#The Commissioner of Taxation Annual report 2015-16, available at ato.gov.au, reported $16.2bn in lost super as at 30 December 2015.

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Westpac SuperCheck involves a search for superannuation being undertaken by BT Funds Management Limited ABN 63 002 916 458, AFSL No.233724 (BTFM), the trustee and issuer of interests in BT Super for Life, which is a part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Statement (PDS) for BT Super for Life can be obtained by calling 1300 653 553 or by visiting bt.com.au or any Westpac branch. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose interests into BT Super for Life. BTFM is a member of BT Financial Group – A Division of the Westpac Group.

Superannuation is a preserved asset subject to conditions of release. You will need to satisfy a condition of release to access these funds.

There is no charge for accepting any rollovers, however before requesting the rollover, you should check with your other fund(s) to determine whether there are any exit fees for moving your benefit, or other loss of benefits (e.g. insurance cover). There may be limited circumstances where your employer is not required to accept your Choice of Superannuation fund form e.g. if you have already exercised Super Choice in the last 12 months.

This information may contain material provided by third parties and is given in good faith and has been derived from sources believed to be accurate at its issue date. Information that has been provided by third parties has not been independently verified and the Westpac Group is not in any way responsible for such information. Information current as at 16 September 2016.

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