Australians have been urged to review their superannuation funds after the Australian Taxation Office revealed it holds billions of dollars in unclaimed funds.
The IRS is eager to reunite $17.8 billion with its rightful owners, having returned nearly $6.4 billion since 2021.
Retirees are among those who could get a boost to their savings, as $471 million of the unclaimed funds belong to those over 65.
Outdated contact details are one of the main reasons why many Australians do not receive their pension.
“We urge Australians to check whether any of the $17.8 billion in lost and unclaimed superannuation funds belongs to them,” ATO Deputy Commissioner Emma Rosenzweig said.
‘If you have changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed your pension.’
Australians can check their superannuation account details online or contact their superannuation funding provider directly.
Australians could find a treasure trove of extra retirement funds if they follow the ATO’s five steps
The ATO has introduced a five-step Super Health Check for Australians to find or access their superannuation fund.
First, Australians should confirm their tax and self-improvement contact details, and check their self-improvement balances and employer contributions.
They should then look for lost or unclaimed retirement funds by reviewing multiple accounts and consider consolidating their savings into one account.
Finally, Australians must confirm their designated beneficiaries.
The ATO has more information on the Super Health Check section of its website.
The ATO revealed it has $17.8 billion in unclaimed superannuation funds
Lost or unclaimed retirement funds can be transferred to another eligible retirement account or, if the recipient is over age 65 or the amount is less than $200, they can be transferred directly to the recipient’s bank account.
“Superannuation is a key part of retirement and we want to ensure Australians are able to claim the investment they have worked hard for,” Rosenzweig said.
More information about lost and unclaimed superannuation funds can be found on the ATO website.
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