Staggering amount of unclaimed superannuation funds Aussies are missing
Australians are being urged to check their pensions after the Australian Taxation Office revealed billions in unclaimed money is sitting in the superannuation fund.
The IRS is seeking to return $17.8 billion to its rightful owners, after nearly $6.4 billion has already been repaid since 2021.
Retirees are among those who could receive a top-up to their pension pot, as $471 million of the unclaimed funds belong to people aged 65 and over.
Outdated contact details are a major reason why many Australians miss out on their pensions.
“We urge Australians to check whether any of the $17.8 billion in lost and unclaimed pensions is theirs,” said ATO Deputy Commissioner Emma Rosenzweig.
‘If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost your pension or not claimed it.’
Australians can view their superannuation account details online or contact their superannuation fund provider directly.
Australians can find a hidden treasure trove of additional retirement funds if they follow the ATO’s five steps
The ATO has launched a five-step Super Health Check to help Australians find or access their pension.
First, Australians must confirm their tax and pension contact details and check their pension balance and employer contributions.
They should then look for lost and unclaimed pensions by reviewing multiple accounts and consider consolidating their pension pots into one account.
Finally, Australians must confirm their nominated beneficiaries.
More information can be found in the ‘Super Health Check’ section of the ATO website.
The ATO announced it is holding $17.8 billion in unclaimed pensions
Lost and unclaimed superannuation can be transferred to another eligible superannuation account. If the recipient is over 65 or the amount is less than $200, it can be transferred directly to the recipient’s bank account.
“Superannuation is an important part of your retirement and we want to ensure Australians get the investment they’ve worked so hard for,” Rosenzweig said.
Further information about lost and unclaimed superannuation can be found on the ATO website.