Weekend super hunt could boost nest eggs

Thursday, 5 June 2014

QSuper, the State’s largest super fund is encouraging members to take five minutes over the Queen’s Birthday weekend to search for lost super.

QSuper Chief Strategy Officer, Michael Pennisi said the amount of funds declared as lost super and held by the Australian Taxation Office is staggering.

“There is over $18.1 billion held by the ATO that is waiting to be claimed, over $3 billion in Queensland alone, and some of it could belong to our members,” Mr Pennisi said.

“A simple search for lost super could potentially unearth thousands of dollars and make a real difference to members’ retirement outcome.

“Anyone, who has had more than one job in the last ten years and hasn’t rolled over their super when they joined QSuper, could have some lost funds waiting for them.

“The easiest way to find out is to use the free SuperSeeker service provided by the ATO. The information you’ll need to get started is your tax file number, name and date of birth.

“If you do find some lost super you can use the application form on the ATO’s website to claim your funds,” Mr Pennisi said.

Lost super is when a fund cannot contact the member, normally because they have changed their name, address or employment. Super can also become lost when a member has met an eligibility requirement to withdraw their money, but the fund is not able to contact them.

“So while you’ve got your feet up, why not take five minutes to search for some lost super? It could make it an even better long weekend,” Mr Pennisi said.

QSuper has in excess of $49 billion in funds under management, with over 530,000 members.