Superannuation is designed to help you save enough money for the future. Over your working life, it can be easy to open multiple super funds with each new job and then forget about them after a while. This could mean that you have lost super and super split across multiple super funds, paying multiple sets of fees.
In fact, Australians have a staggering $16 billion in lost super spread across more than six million accounts. Combining your super into one fund can mean that you pay less in fees, helping to grow your super. Organising your super while you’re still young is the easiest way to stay on top of it all and make sure you avoid having lost super.
With that in mind, here are some insights for locating and combining your lost super.
How to search and combine lost super
It’s common for people to find themselves with more than one super fund, especially if they’ve had a few different jobs. Fortunately, everyone is eligible to search for their old or lost super and consolidate it.
If you are a Student Super member, you can locate your other funds and lost super by using the 'Find or combine my super' feature. Follow these steps to get started:
- Log in - Log in to your Student Super account.
- Go to 'Find or combine my super'
- Security code - You’ll receive an SMS security code to make sure it’s really you. Once you’ve entered the code, you’ll be able to see all your funds, including any lost and old super.
- Choose which funds you want to transfer – Review the funds found and choose which ones you want to combine into your Student Super account. If you’ve had a read of the PDS and relevant T&C’s, all you then have to do is hit submit and we’ll roll your funds into your account.
- Tell your employer – You need to let your employer know that you’ve got a new fund so they can start paying into it. They will need a Superannuation Standard Choice Form. The easiest way to do this is to simply give them your pre-filled Super Standard Choice Form. All members get mailed a copy of this form when they join, and you can also email it to yourself from the ‘Tell Your Employer’ feature on the website.
You can also find lost super by completing the ATO’s Searching for Lost and Unclaimed Super Form. Unfortunately, this is a form that you need to print, fill out and physically mail back to the ATO.
Alternatively, you can apply for a MyGov account and link your ATO online services to see all your super accounts. If you’re not a Student Super member, this is a fairly convenient way to find and combine your lost super. Just note that you’ll need to have provided your TFN to your existing funds in order for this to work.
How to check your super statement
You’ll get these things called ‘super statements’ periodically. A super statement is basically information about your account and super transactions. Here are some important points to look for in your super statement.
- Basic details - Check that your name and address are correct and up to date.
- Super Guarantee - If you’re eligible to be paid super, check that your employer has paid the correct amounts. From 1 July 2024, it is a minimum of 11.5% of your pay. This is set to increase to 12% from 1 July 2025.
- Contributions - Check that any personal contributions you’ve made are listed on the statement.
- Balance - Look at the balance at the start and end of the period to see how much your super has fluctuated over the statement period.
- Fees - Check to see what fees you’ve been charged and if they’re correct.
- Investment strategy - Make sure you’re happy with how your super is being invested, ensure your investment strategy matches your risk tolerance and goals.
- Insurance - Some super funds offer insurance such as death, disability, and income protection. This means extra money could be taken out of your balance to pay for the insurance (if your balance is below $6,000, or you’re under the age of 25, this can’t happen automatically). To help you grow your balance while you’re still young, Student Super doesn’t offer insurance.
Find out if you have enough super
The future might seem a long way off, but doing some small, simple things now can have a really big impact down the track. Planning how much is going into your super now can give you a solid understanding of where your savings are at and help you plan for any unexpected interruptions or issues that might pop up.
So how do you work out how much super you need to have by the time you can access it?
Here are some things to consider;
- If you have a partner
- Home ownership
- Income and other assets
- Pension eligibility
- Super growth rates
- Lifestyle requirements
According to the Association of Superannuation Funds of Australia, young Aussies aged 15 to 19 have around $485 on average, while those aged 20 to 24 have an average of $5,501.
How much super you need when you retire depends heavily on the kind of lifestyle you wish to enjoy once you stop working. There are a number of other factors that make it hard to predict how much super you’re going to need, such as if you own any property, have any debts or if the Age Pension is still around.
You’re not going to have the answers to many of these things now, but it is pretty safe to say that the older you get, the more important your super money is likely to become. With so much uncertainty, superannuation is one thing that’s designed to be a guaranteed and plannable asset you can contribute to today and use in the future.
So, it’s a good idea to take some really simple steps to get your super organised now while you’re young so that you haven’t lost any before it’s had a chance to grow.
Final word
Lost super and multiple super accounts are harder to manage than having a single account. Multiple accounts could lead to your super balance being eroded by fees. Thanks to the power of compound interest, accumulating small savings now can make a huge difference in the future. That’s why it’s important to take care of your super and make sure you don’t lose any to duplicate or unnecessary fees or unclaimed super.
Still curious about your super? Check out our learning hub! We’ve got some great videos and articles.
