Don’t risk missing out on part of the $18B of lost super out there.
Find out if any of it is yours today.
The Australian Taxation Office (ATO) estimates that there are 6.2 million unclaimed super accounts across the country worth around $18 billion. Almost half of all Australians with superannuation have more than one super account!
Your super fund will report you as a lost member if you have been uncontactable for 12 months – for example, if you haven’t updated your details with them after changing your job, address or name.
The good news is that there are two easy ways to find any lost super:
1. Search yourself via the Firstonline member portal
After logging in head to ‘My Transactions’ and select ‘Find your lost super’.
Enter a few details, including your Tax File Number (TFN), and the online search will tell you in seconds if there’s other super outside your First Super account that belongs to you.
2. Let us do the searching for you
Call our Member Services Team on 1300 360 988 with your member number and TFN, and we’ll do the rest.
Or you can complete this form and return it to email@example.com or hand it to your local Super Coordinator.
WHAT HAPPENS NEXT?
If you find extra super in other funds, lucky you!
You could be even better off by combining your other balances into your First Super account – known as ‘consolidation’ or ‘rolling in’.
In most cases, with your consent, any super that we find with the ATO will automatically be added to your
First Super account. For extra super in other funds, you have options about what to do next.
Having more than one super account means you’re paying for multiple fees and other charges, including insurance premiums on every account. So over your working life, this can add up to tens of thousands of dollars, wasted. That’s just crazy! All that extra money could dramatically boost your hard-earned
Combining all your balances into your First Super account means:
- You save on fees – one account means one set of fees
- All your super is together, benefitting from compounding interest and a single investment strategy
- You don’t lose track of your super
- It’s easier to manage your super – less paperwork, less passwords!
But before transferring out of any other super fund,
it’s important to check:
- if you will lose any insurance benefits
- if any fees may apply (e.g. exit fees)
- if it is a defined benefit account
WE’RE HERE TO HELP
If you have any questions, simply call our Member Services Team tollfree on 1300 360 988 or email us – provide your details and TFN, then they can search on your behalf.
How does First Super do the search for lost super?
We use an ATO tool called SuperMatch. This tool has been built into our own system and our member portal, Firstonline, to give members a smooth, easy way to search for other super and then roll-in of these funds to your First Super account.
Why do you need my Tax File Number (TFN) for the search?
The ATO tool uses your TFN to search for other unclaimed super in your name.
So we need your consent to use your TFN to:
- access the ATO SuperMatch service and search ATO records for any super balances in your name that are held by the ATO or by another super fund; and
- as a separate requirement, to allow for the consolidation (or roll-in) of any ATO-held money found during a SuperMatch search into your First Super account.
Do I have to transfer any ATO-held super found from the ATO to another super fund?
It’s your choice, but it’s worth knowing that although you don’t pay any fees on ATO-held amounts, you don’t have and can’t get insurance with that option.
Also, you can’t plan an investment strategy or manage asset allocations based on your particular circumstances. And, importantly, the only investment return you receive is interest paid at a level based on CPI.
In most cases, any lost super held by the ATO will automatically be added to your First Super account. Whereas with extra super in other funds, you have options about what happens to those amounts.
If I transfer super from the ATO does it have to go to First Super?
No. You can transfer your super to any super fund. However, you can start the process for a transfer to First Super immediately. Choosing to transfer to another fund will mean you have to get in touch with that fund and follow its process.
What happens if the search doesn’t find any other super belonging to me?
It could be a good sign that we haven’t found any extra super. It suggests your super is already consolidated at First Super and that you’re not paying unnecessary fees etc.
Of course, it’s possible that there are additional super savings, but that the details we’ve provided doesn’t match any ATO records.
For this reason, we’ll undertake searches on your behalf from time to time. Whenever we do this, we’ll let you know the results. You can also search directly by selecting the ‘Find your lost super’ search option when you log into our website.
If the search does find extra super belonging to me, what do I do next?
If the search finds extra super elsewhere, it’s possible that you’re not making the most of your super, or it might not be growing as much due to, for example, paying more than one set of fees.
Although you don’t need to do anything, we recommend that you at least think about the benefits of consolidating (bringing together all) your super into one fund. This is done by what’s known as a ‘roll-in’, which is transferring the monies from other accounts into one account.
What happens if the search finds super with a Defined Benefit amount or has Insurance Cover included?
If the extra super found includes a defined benefit amount and/or has attached insurance, we strongly advise you to seek professional financial advice to help you weigh up the benefits of consolidation and to help you decide what to do with this account.
Defined benefit accounts are older style accounts and moving such amounts to your First Super account may not be in your best interests. Obtaining financial advice is particularly important in such instances. We wouldn’t roll-in a defined benefit account unless you have specific advice from an adviser confirming that it’s suitable for you.
With regard to accounts with insurance, it’s worth knowing what insurance you have with your First Super account. This may help you to make a decision regarding rolling in the identified super.
Again, while the decision is yours, we’d encourage you to get professional advice. You can book an appointment with a First Super Financial Planner if you’d like to discuss the issues and don’t have easy access to another adviser.
If I transfer my super to First Super, what’s in it for me?
Although we can help you transfer other balances to First Super, you are under no obligation to do so. You can transfer your super to any fund you choose.
As a First Super member, we work in your best interests, and our main aim is for you to be aware of the benefits of consolidating other balances into one fund.
Whichever fund you choose to roll into, the potential benefits include one or more of the following:
- One set of fees, so less being paid out of your savings
- Improved long-term returns
- An investment strategy that’s easier to track and manage
- Less paperwork
- Improved insurance options and availability.
The advantage of a transfer to First Super is that we can start the process straightaway, so you’d start seeing the benefits more quickly.
Our process is electronic, so if you do decide to go ahead, the additional super should be in your account within 4 days. If you decide to roll into another fund, then you’ll have to contact them and go through their consolidation process.
Are there any negatives in transferring to a single fund or any potential issues I need to be aware of?
There are some important things to think about before you consolidate your super.
You should compare things like fees, insurance, exit fees for the funds you are leaving, and also any investment or tax implications.
If you need advice on whether rolling in other funds to a single fund is the best thing for you, then you can speak to your own financial adviser, or a First Super Financial Planner.
I’d like to go ahead with the roll-in – what happens next?
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The process for transferring your funds out of the other fund(s) and rolling into First Super is straightforward, but they may need to check some details with you.
Usually, First Super will get the funds into your account within 4 days, and we send you confirmation when this has occurred.
If you have not heard anything in the next 10 days or so, please call us. It may be the case that you need to contact the other fund to see why your request has not been completed.