Lost Superannuation: Claimsplus Guide

What is Lost Super?

Lost super refers to superannuation accounts that have become inactive or unclaimed due to changes in your circumstances, such as changing jobs, addresses, or names. Many Australians lose track of their super, resulting in unclaimed funds sitting idle with either their super fund or the Australian Taxation Office (ATO).

Recovering your lost super not only increases your retirement savings but may also uncover valuable insurance benefits, such as Total and Permanent Disability (TPD) or Income Protection (IP) cover.

At Claimsplus Lawyers, we make it simple to locate your lost super and help you claim your entitlements.

How Does Super Become Lost?

Superannuation can become lost for various reasons, including:

• Changing Jobs: Many Australians accumulate multiple super accounts as they move between employers.
• Outdated Contact Details: Failing to update your name or address with your super fund may result in losing track of your account.
• Inactive Accounts: Accounts that haven’t received contributions for 16 months or more may be classified as inactive and transferred to the ATO.

What Happens to Lost Super?

Lost super doesn’t disappear—it is either retained by your super fund or transferred to the ATO as unclaimed super.

Key Scenarios:

• Unclaimed Super: Super funds transfer money to the ATO when they cannot locate the account holder, such as members aged 65 or older or deceased members.
• Inactive Low-Balance Accounts: Balances under $6,000 are transferred to the ATO if the account remains inactive for 16 months or more.

You can claim your lost super from the ATO or consolidate it into an active super account.

Why Recovering Lost Super is Important

Recovering lost super is not just about boosting your retirement savings—it can also unlock hidden benefits.

Benefits of Finding Lost Super:

• Increase Your Retirement Savings: Consolidating your accounts ensures every dollar works toward your future.
• Uncover Insurance Benefits: Many lost accounts include TPD or IP insurance, which could provide significant financial support.
• Claim Multiple Accounts: If you have more than one super account, you may be eligible to make multiple claims, increasing your total payout.

How Can a Super Search Help with My Claim?

A super search is the most efficient way to identify all your super accounts, including lost or unclaimed funds. This is particularly important if you’ve ceased work due to illness or injury, as you may have entitlements across multiple accounts.

Why You Need a Super Search:

• Identify All Super Accounts: Ensure no accounts are overlooked.
• Discover Insurance Coverage: Some accounts may include insurance you were unaware of.
• Comply with Legislation: Changes to super laws, such as the “Protecting Your Super” package, may affect inactive accounts and their benefits.

How to Search for Your Lost Super

There are two main ways to conduct a super search:

1. myGov Super Search

The quickest way to find your lost super is through the myGov website.

What You’ll Need:

• A myGov account linked to the ATO.

How to Search:

1. Log in to your myGov account or create one.
2. Link your account to the ATO (if not already linked).
3. Click on "Super" and select "Total Superannuation Balance."
4. Save the report as a PDF for your records.

Time Required:
If your myGov account is linked to the ATO, the process takes less than 5 minutes.

2. Claimsplus ATO Search

Claimsplus Lawyers can request a super search directly from the ATO on your behalf.

How We Help:

• Request an ATO search for lost or inactive accounts linked to your name.
• Review the search report, typically processed within 28 days.
• Identify accounts that may include insurance coverage or unclaimed funds.

This thorough process ensures no super entitlements are overlooked.

What Happens Next?

Once your lost super accounts are located, Claimsplus Lawyers helps you:

• Consolidate Funds: Transfer your lost super into an active account for streamlined management.
• Claim Insurance Benefits: Identify and claim entitlements, such as TPD or IP insurance.
• Maximise Your Benefits: Ensure every dollar of your super works for you, now and in the future.

Why Choose Claimsplus Lawyers?

At Claimsplus Lawyers, we simplify the process of finding lost super and claiming entitlements, so you don’t miss out on any financial benefits.

Our Services Include:

• Comprehensive Super Search: Locate all your super accounts, including lost or unclaimed funds.
• Insurance Entitlement Review: Identify TPD, IP, or other benefits linked to your accounts.
• Claims Assistance: Guide you through the process of claiming funds or insurance benefits, ensuring accuracy and compliance.

Frequently Asked Questions

How do I know if I have lost super?
If you’ve changed jobs, names, or addresses without updating your super fund, you may have lost super. Conducting a super search is the best way to confirm.

What happens if the ATO is holding my super?
The ATO allows you to transfer the funds into an active super account or withdraw them if you meet specific eligibility criteria.

Can lost super include insurance benefits?
Yes, many lost super accounts include TPD or IP insurance, which can provide financial relief if you’re unable to work due to illness or injury.

Start Your Super Search Today

Finding your lost super can uncover hidden savings and valuable insurance benefits. At Claimsplus Lawyers, we make the process easy and stress-free, helping you locate and claim your entitlements.

Contact Claimsplus Lawyers Today

For expert guidance on superannuation claims and entitlements, contact us today:

Let us help you navigate your super claims and secure the financial support you deserve.

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