Prime Super: Over $12 Billion in Lost Super – Could Some be Yours?

Not taking an active interest in your super is one thing. Completely losing track of it is another. The Australian Taxation Office (ATO) reported that there were more than one million lost and ATO-held super accounts out there with a combined value of just over $12.7 billion – some of it might be yours.

How does super get lost?

Strict rules govern super and once a fund receives two pieces of returned mail from a member, it is obligated to report that account to the ATO as ‘lost’, meaning you are uncontactable. As of December this year, once your account balance drops below $4,000 (through ongoing account fees, etc) your super fund is obligated to transfer your funds to the ATO.

Historically Australians didn’t have the ability to choose their own super fund. It was common practice to join a new super fund when you started a new job, and if you didn’t roll your old super into your new account, you may have accumulated more than one super account.

Finding your super

Finding your lost super has never been easier. Prime Super, like most super funds, will undertake a free super search for its members – simply visit primesuper.com.au/find-my-super. So take some time out these holidays to get your super together – it could be your super that’s looking for a home.

For more information call Prime Super on 1800 675 839 or contact your local Regional Manager, Karen Hyland on 0409 030 722 or email khyland@primesuper.com.au to find out more.

DISCLAIMER – Prime Super (ABN 60 562 335 823) is an independent profit-to-members superannuation fund. This article contains general information only and does not take account of your personal circumstances. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super (ABN 60 562 335 823) is issued by Prime Super Pty Ltd (ABN 81 067 241 016 AFSL 219723 RSE L0000277 RN1000276). A Product Disclosure Statement is available from the issuer by phoning 1800 675 839.