Simple Steps to Assist in Locating Your Lost Superannuation Benefits!

Superannuation is a way of putting money aside now and saving for the future. And for most of us who are employed in Australia it’s compulsory for employers to put money away on our behalf. [9% of your per tax wages, providing your earn more than $450 per month]

In December 2007, the Government announced there was $12 billion of unclaimed or lost superannuation money registered in the Australian Tax Office’s (ATO) Lost Members Register.

Your details are added to the Lost Members Register once a superannuation fund receives two pieces of unclaimed or returned mail; therefore, if you have moved house or jobs it may be possible you have more superannuation funds than you realise!

How do I find out if I have any lost superannuation benefits? 

If you would like Freedom Financial Planning to help you find out if some of this money belongs to you then just complete the Authorisation to Collect Information Form and return it to us at PO BOX 118, Mt Waverley, VIC 3149.

Alternatively, should you wish to investigate this yourself:

1. Write down all of your past employers since 1992 (the year compulsory super was introduced)

2. Look for any old superannuation paperwork you may have, and identify which employer contributed to which fund

3. If you cannot account for all of your employer contributions, confirm with your old employers to which fund they may have paid your super contributions

Otherwise:

·          Contact the ATO Lost Member Register on 13 10 20

·          Visit the ATO’s SuperSeeker website and follow the instructions to search the thier database.

Prior to making any phone calls or searching any websites, make sure you have your Tax File Number (TFN) at hand!

What are your options if you find any old superannuation funds?

Any old superannuation fund that you locate can be either:

·          Rolled over / consolidated into your current superannuation fund

·          Left where it is, but please make sure you contact the fund and update your details so the fund can send you your annual statements

Some of the advantages of consolidating your super funds may include:

·          Avoiding duplication of the account fees

·          Easier control over how you invest your super assets

·          A single statement for all your super assets

·          Easier to manage and keep track of your super assets

IMPORTANT: Prior to rolling over ANY superannuation fund:

·          Contact the fund administers to confirm any penalties and/or other fees that the superannuation fund may levy to transfer your benefit to another fund

·          Contact the fund administers to confirm whether you have any insurance benefits that will be cancelled upon transferring your benefit to another fund. It pays to find out what insurance is linked to your fund and determine whether you need to retain this insurance before you transfer you asset and unknowingly cancel an insurance policy

Can I transfer my superananution benefits to Freedom Financial Planning?

Yes! Freedom Financial Planning can assist you with all matters relating to your superannuation and longer term retirement planning needs.  Simply contact us on either 03 9542 3200 or blog@freeodmfinancialplanning.com.au to arrange an appointment with a licensed financial adviser who can assist you in reaching your goals and achieve financial freedom!

WARNING: The information contained on this website is provided in good faith. While the contents are obtained from various sources that are deemed reliable, it is not guaranteed as accurate or complete and should not be relied upon as such. It is recommended that you seek independent, professional advice before implementing any of the suggestions to ensure that it is appropriate to your needs and circumstances.