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One in five Australians have lost track of their superannuation

Superannuation provider REST Superannuation conducted an online snap poll of 600 of its members and found that one in five have lost track of their superannuation and no idea how many super funds they currently have.

SuperannuationREST Superannuation chief executive officer, Damian Hill, said that anyone who was unsure about the number or details of their super funds should access the Australian Taxation Office’s SuperSeeker tool at www.ato.gov.au.

“The ATO’s SuperSeeker is a fantastic free tool to help anyone find any forgotten super accounts from previous employment.

We would recommend to anyone who does have multiple super accounts that they should consider consolidating them into one fund,” Mr Hill said.

Results from a previous survey showed that while one-third of participants knew they had more than one superannuation fund, they hadn’t taken action to consolidate them into one account.

“By bringing your super together into one account, it’s easier to keep track of how much money you have in super and, if you choose the right fund, reduce the fees and administrative costs you pay.”

Employers are urged to refer their employees to the SuperSeeker tool at the ATO website to help their employees track down lost super.

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Paul Hayman

Paul Hayman

Paul is a staff writer for Dynamic Business online.

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