More than $49 million in unclaimed superannuation in New England

superannuation CHECK IT NOW: Lara Gill said anyone who has worked more than one job in the last 25 years is at risk of having unclaimed super.

IF you’ve had more than one job in the last 25 years, there’s a good chance you’re money is part of the $49 million in unclaimed superannuation in the New England.

In Tamworth alone, there are more than 6000 unclaimed accounts worth $24 million, while Armidale has more than 2500 accounts worth $13 million. The unclaimed super in Inverell is worth $6.2 million, Scone sits at $4.7 million and Tenterfield’s is $1.7 million.

Forsyths financial adviser Lara Gill said people could lose contact with their superannuation when they change jobs and take on a new super account or move address without updating their details.

“It’s actually relatively easy to locate lost super using the MyGov website,” Ms Gill said.

“Your super fund is attached to your tax file number, so if you’re registered with the MyGov through the Australian Tax Office, it will list all your lost super and unclaimed money.”

Once you’ve found your list of unclaimed super, if you have any, it’s relatively easy to roll the funds over into your current account.

“You’ll be able to see exactly what you have and you can just follow the prompts, and you’ll be able to complete that in a seamless manner,” Ms Gill said.

 While lost superannuation may not be at the forefront for many young people in the workforce, Ms Gill said they were the ones most at risk of unclaimed super and had the most the gain from reclaiming it.


“You predominantly see the lost super with the younger generation, with changing jobs – and super has only become compulsory in the last 25 years,” she said.

If your super isn’t all in the one account, you’re not getting the most out of your compound interest – so the sooner you act, the better.

“Reclaiming a $1000 in super today, compounded over a 30-year working period can add up to quite a significant amount when you do retire,” Ms Gill said.

“The more invested, the more dramatic the effects of compound returns to continue to build your nest egg for retirement. Before consolidating, it is important to remember to review your existing super, fees and any insurance held. If you are unsure, please seek professional advice.”

Credits: Jamieson Murphy