If you have more than one super account, you are paying more account keeping fees than you have to. Lost super is actually not that hard to find, and there are several ways you can easily locate your missing money.
SuperSeeker, the ATO's free online super search tool, will search the ATO’s registers for your lost or unclaimed super. All lost superannuation is now reported to the ATO so using this search tool should turn up any recent super you’ve misplaced. All the information you’ll need to use SuperSeeker is your name, date of birth and tax file number. While it’s easiest online, the SuperSeeker service is also available by phone (132865) or by old fashioned post.
Eligible Rollover Funds
When superannuation gets lost it get transferred into a holding fund called an Eligible Rollover Fund (ERF). There are 16 of these ERFs in Australia, and if SuperSeeker can’t locate lost super it may be worth getting into contact with each of them.
You may find that these ERFs have some money under your name or an old address. These ERFs can be helpful in finding super that was lost before it became a legal requirement to list a person’s tax file number with their super payments.
Super Fund Lookup
While the first two methods should have uncovered any lost super, there is a third way you can search specific superannuation funds. Use the government’s Super Fund Lookupsearch tool to hunt for money you think may still be held in a specific super fund rather than a roller fund.
Why only 1 account is important
If you have 3 super accounts you are paying 3 administration fees. If each fund is charging you, say $5 per month, then you are paying $180 per year. As the fees on 1 fund would only be $60, you are paying $120 administration costs that you simply don’t have to pay. Over 10, 20, or 30 years that difference really adds up and you could be saving yourself thousands of dollars by only running the one account. You’d also be earning interest on that extra money, and again over the long term that can really add up.
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