We all know how important superannuation is for our financial future. Surely, more super accounts equal more super savings, right?
Wrong! With multiple super accounts, you’ll likely end up losing track of them and paying extra account fees.
But there’s good news: what is lost can be found! If you’re wondering how to find your superannuation, we’ve put together this guide to help you uncover any lost super and then keep track of it.
Understanding Superannuation in Australia
Superannuation is a way to save for retirement. Your employer contributes a percentage of your salary (11.5% as of July 1, 2024) to a super fund, and you can also make additional contributions.
The super fund manages and invests this money to grow your savings over time.
Then, when it’s time to retire, you’ll have the financial support you need to comfortably cover your living expenses and enjoy your new non-working lifestyle.
How Can You Lose Track of Your Superannuation?
- Changing jobs: Each time you change jobs, your new employer may set up a new super account for you if you don’t provide existing super fund details.
- Moving to a new address or changing your name: If you don’t update your contact details with your super fund, it can create issues in tracking your accounts, and statements and other important correspondence may not reach you.
- Failing to provide your tax file number: If you don’t give your fund your TFN, it can be difficult for them to match your super contributions to your account.
- Not interacting with your account: If you haven’t made contributions or had any contact with your fund for a while, your super may be transferred to the ATO as lost super.
- Switching super funds: If you decide to change funds and don’t consolidate old accounts, you might lose track of them.
How To Find Your Superannuation Accounts
1. Through myGov
The easiest way to find your super online is to log into your myGov account.
Once your account is linked to the ATO, you can view all your super accounts and their details.
If you’re unable to register for a myGov account, your super fund can search for your lost super.
2. Through Your Super Fund
To find the name of your super fund, ask your current employer or contact your previous ones.
Once you have the fund’s name, you can call them and provide details such as your full name, date of birth, and tax file number so they can trace your superannuation (or member) number and account.
Once you have your superannuation number and account details, you can log into your fund’s online portal to track your account.
3. Via Paper Trail
Check your payslips from your employer.
Your superannuation number is often listed alongside the super your employer has contributed to your account.
Your super fund should send you quarterly or annual superannuation statements by mail or email.
These will also show your superannuation number for online account tracking.
Tips for Keeping Track of Your Superannuation
Consolidating Your Super Accounts
Consolidating your super accounts into one can make it easier to track your investments, maximise your savings, and reduce the fees you pay.
To consolidate your accounts
- Find them all! Use the ATO’s online services through your myGov account.
- Compare fund features, including fees, insurance options, and investment choices. Choose the fund that aligns with your financial goals to consolidate into.
- Log into your chosen fund’s online portal. Most funds have a simple online process where you provide the details of the accounts you wish to consolidate.
- Notify your employer of your chosen super fund so all future contributions go into it.
Regularly Updating Your Details
Your super fund sends important communications, such as account statements, updates on investment performance, and changes to fees or policies.
You might miss out on this information if your contact details are outdated.
Plus, if your super fund can’t reach you, there’s a risk your account could be classified as inactive and transferred to the ATO as lost super.
Having the right personal details on file also helps protect your account from fraudulent activity.
To update your details, log into your super fund’s online portal and follow the prompts, or contact their customer service team by phone or email.
Have the necessary change of address, employment, or name documentation ready.
Using Superannuation Management Tools
Managing your superannuation is simple with the right tools.
These tools help you stay on top of your contributions, investment performance, fees, and overall account balance.
What tools are available for super management?
- Your myGov account linked to the ATO’s online services.
- The ATO app.
- Your fund’s mobile app or online portal.
- The MoneySmart Superannuation Calculator from ASIC (Australian Securities and Investments Commission).
- Budgeting and finance apps like Pocketbook, MoneyBrilliant, and Frollo.
Want to Ditch Super Stress? GeekBooks has Your Back
Scattered super savings lead to super stress! Finding and managing your superannuation is the solution for stress-free and sizable retirement savings.
But life is busy, and the ins and outs of Australian super can be tricky to understand.
So, for professional, tailored superannuation advice and support managing your fund for maximum returns, GeekBooks is here to help.
Complete this online booking form or call 02 9158 3591 to connect with our superannuation experts today.
FAQs
Should You Check Your Superannuation Balance?
You should regularly check your superannuation balance to stay informed about your savings, monitor investment performance, ensure contributions are being made correctly, and make necessary adjustments to meet your retirement goals.
How Do I Check My Superannuation Balance?
You can check your superannuation balance by logging into your super fund’s online portal or mobile app, or your myGov account linked to the ATO.
Your quarterly or annual super statement, sent by your fund, also provides a balance summary.
How Do I Find Out if I Lost My Super?
Log into your myGov account linked to the ATO and use the ATO’s online services to search for any lost or unclaimed super.
Additionally, you can contact your current or past employers to find out the names of any previous super funds, then contact the funds directly to check for any accounts.
How To Find Your Superannuation Number
Your superannuation number is assigned to you by your super fund to identify your account.
To find your super number, check your
- Payslips
- Quarterly or annual superannuation statements mailed or emailed from your fund
- MyGov account linked to the ATO
- Super fund’s online portal once logged into your online account, or call them directly