There is currently at least $12.7 Billion Dollars in lost super waiting to be claimed. Approximately half of this amount is sitting in accounts where personal details have not been kept up to date. The other half are accounts where there has not been a contribution within the last five years.
Roughly 40% of superannuation account holders have multiple funds, many of these with small balances that have not received a recent contributions, could already be eroded due to the super fund fee’s and charges.
In most cases when people start a new job they get assigned a new super fund and fail to consolidate any previous funds.
Break down of unclaimed superannuation by state
ACT: $241,674,634.32
NSW: $4,240,274,723.95
NT: $205,322,389.14
QLD: $2,769,522,344.67
SA: $698,916,293.15
TAS: $201,333,618.63
VIC: $2,738,576,575.96
WA: $1,626,344,955.31
If you have not paid attention or worried about your super and where it could be, you are probably missing thousands in unclaimed super.
It’s time to take action and get the money back you deserve, every little bit helps not only with retirement but also to fund smart insurances through it such as income protection. The process can be tailored to your needs and our experienced team at Vision Wealth Group will make it as simple as possible for you.
It is important to remember not only will you get your unclaimed super back, or your current super sorted, you will get a $200 Visa Gift Card and there is no out of pocket expense by doing so.
Visit our Contact us page or call 1300 246 192.
Information retrieved from the ATO