How to find your lost super

There is $18.9 billion in lost and unclaimed superannuation in Australia, according to Deloitte Access Economics, and there is a good chance some of it is yours. Every job change, every name change, and every move can leave a super account behind. Tracking them down takes about 15 minutes and is completely free.

The fastest way: myGov and the ATO

1. Sign in to myGov or create an account at my.gov.au.
2. Link the Australian Taxation Office (ATO) service to your account.
3. Go to Super, then Manage, then Transfer super.
4. You will see every super account the ATO has on record against your Tax File Number, including any ATO-held super waiting to be claimed.

What to look for

• Active accounts you are still contributing to.
• Inactive accounts you forgot about after leaving a job.
• ATO-held super, which is money transferred to the ATO after an account was inactive for too long.
• Small balances that may be quietly eaten by fees.

Should you consolidate?

Rolling multiple accounts into one usually saves on fees and makes your super easier to manage. But before you consolidate, check three things.

Check your insurance

Many super funds include default life, TPD, or income protection insurance. Closing an account cancels the insurance, and you may not be able to get it back if your health has changed. If the cover matters to your family, keep the account or replace the insurance first.

Compare fees and returns

The ATO's YourSuper comparison tool ranks MySuper products by fee and performance. Consolidating into the worst-performing fund is worse than doing nothing.

Watch for exit fees and tax

Exit fees on super were banned in 2019, but some funds still charge withdrawal fees on defined-benefit or retirement products. A rollover between accumulation accounts is normally tax-free.

How to consolidate

The easiest way is inside myGov: pick the account you want to keep, pick the ones to close, and confirm. The ATO forwards the request to your funds. Transfers usually complete within three business days.

Record the outcome

Once you have consolidated, write down which fund holds your super, your member number, and the beneficiary you have nominated. Super does not automatically pass through your will, so keeping the nomination up to date is the only reliable way to direct it after you die.