Lost Super - Important Information re your privacy!
What is Superannuation
Superannuation was designed as a compulsory long term savings vehicle to provide for you in retirement. Money is contributed to a superannuation fund by your employer, and this money is then managed and invested by the superannuation fund for a fee with the aim of growing your retirement nest egg. There are many different investment options within superannuation funds, and you should consider what best suits your needs as it can have a big impact on your retirement nest egg. People often have Life, TPD (total permanent disability), or income insurance in their superannution and these insurances are an important consideration also when thinkning about your superannution.
Why do people have lost super?
Most people end up with lost super or multiple super accounts because they have allowed their current or a previous employer to pay their superannuation contributions into the default employer super fund. Allowing your employer to dictate where your super is paid is one of the main reasons people end up with lost super, and when people change employer they tend to just go along with the new default fund of the new employer. Its a cycle that continues to repeat, and people can and do end up with numerous super accounts all over the place. The majority of people are now able to choose where their employer pays their superannuation, and this has been the case since July 2005. Its your money and your retirement savings so you should think twice before allowing someone else decide where they are going to pay it.
Do I have any lost super - if so what can i do about it?
It is estimated that up to 1 in 2 Australian's have lost super or multiple superannuation accounts, and industry bodies estimate that there is over 17 billion in lost super. If you have had several different jobs, changed your name, address or contact details and not informed all of your previous employers then theres a good chance you will have some lost or inactive super. If you have lost super it is usually recommended that you consolidate it all into one account to save paying multiple sets of fees, however there are implications that should be considered before doing this, and our team of specialists will discuss all the options with you
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