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Claim lost super

Claim lost super

08 Jul, 2010 - 1 min read

Superannuation which is lost or unclaimed is referred to as lost super. Over time employees accumulate lost super when they:

Move and change address
Change names
Change employees and start up a new super fund

This can become a problem when you continue paying fees for every super account you've lost, instead of just the one you are currently using. Instead of gaining super you are losing money in fees for lost super accounts.

At the end of June 2009, The Australian Taxation Office (ATO) estimated that there was $13.6 billion worth of lost super. The ATO has setup SuperSeeker which is a tool that assists people with tracking down their lost super and consolidate them to the one fund to save for their retirement.

Another way to save and reach your saving goal sooner is with an online savings account with a high interest rate. The table to the right lists current high interest savings accounts that could help you grow your wealth today.

Disclaimer

This article is over two years old, last updated on July 8, 2010. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent savings accounts articles.

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Kate Cowling

Kate was one of RateCity's Personal Finance Commentators. She has been a journalist for more than a decade, most of which has been spent writing about money. Most recently, she was the Australian Financial Review's personal finance correspondent. She is passionate about personal finance and women's independence.