Gladstone’s $40.2 million of missing super
NEW data released by the Australia Taxation Office has revealed there was more than $40.2 million of super lost or unclaimed in the Gladstone region.
QSuper Chief of Member Experience, Jason Murray is urging residents in Gladstone and the surrounding area to take stock of their super over the holiday for a New Year savings boost.
"Gladstone residents could have thousands of dollars in accounts held by the ATO, and potentially more money sitting with old super funds if they have changed jobs numerous times," Mr Murray said.
"I urge them to do a quick super health check over the Christmas break to find and consolidate all of the money they rightfully own."
Across Australia there is more than $20.8 billion worth of lost and unclaimed super.
Mr Murray said money in multiple super fund accounts meant multiple fees and potentially insurance premiums eating into future income.
"The Productivity Commission estimated that the fees associated with holding multiple accounts could mean six per cent less to spend in retirement."
Mr Murray said while money held by the ATO wouldn't incur any charges, on the downside it also wouldn't benefit from investment earnings higher than the rate of inflation, and that tracking down old super fund accounts is a quick and simple process.
"You can either set up a MyGov account and link it to the ATO to find all of your accounts or give your current fund permission to do it for you.
"You don't need your previous member details, just your Tax File Number."
To check your super visit ato.gov.au