Ask your Aspen advisor:
“How do I check whether I have lost super sitting somewhere, and should I consolidate it if I find it?”
There is more than $21 billion in lost and unclaimed superannuation currently sitting across Australia.
The average lost account holds around $41,000, and the ATO reunited more than $1.1 billion with members last year.
That is a lot of retirement money sitting idle.
How does super become lost?
Usually in fairly ordinary ways.
You might:
- change jobs and leave an old account behind
- move house without updating your details
- change your phone number
- or change your name.
If the fund cannot contact you and the account becomes inactive, it may eventually be classified as lost. In some cases, the balance is transferred to the ATO until you claim it.
The money does not disappear. It simply waits.
How do you check?
The search itself is straightforward and free.
Through myGov, you can:
- open the ATO section
- select Super
- choose Fund details
- review your active accounts, lost super and any ATO-held amounts linked to your tax file number.
You can also search through the ATO app or use the ATO’s lost super service.
Why does consolidating matter?
Keeping multiple small accounts can mean:
- multiple sets of fees
- fragmented investment balances
- and more paperwork.
Rolling lost or inactive super into one active account can often make the money easier to manage and reduce unnecessary fees.
That can be especially meaningful for people approaching retirement, where finding an extra $20,000, $40,000 or more could make a noticeable difference to retirement savings.
One important warning before you consolidate
Before rolling an old fund into another account, check the insurance attached to it.
Some super accounts include:
- death cover
- total and permanent disability cover
- or income protection.
That cover may end when the account is closed.
So while consolidation can be sensible, it is worth checking what you might lose before you press the button.
Final thought
Finding lost super is one of the easier financial housekeeping jobs you can do.
It takes a few minutes, costs nothing, and could uncover money you had completely forgotten about.
If you find multiple accounts and are not sure whether consolidation makes sense, your Aspen advisor can help you work through the options.
