TOOWOOMBA has been named one of Queensland’s hot spots for lost or unclaimed superannuation.The Australian Taxation Office reports that more than $45 million in lost super exists in Toowoomba accounts, in new statistics compiled by Westpac.
The staggering figure places the Garden City third on the list for Queensland while Mackay and Cairns have nearly $100 million in lost super between them. Superannuation becomes lost when people change jobs, move addresses or get married.Westpac superannuation executive Hannah Oakhill said Toowoomba residents were risking their retirement by failing to keep track of money that was rightfully theirs.
“With billions sitting in lost super and lots of other super people may have forgotten about, it’s one of the biggest financial opportunities to better secure Queenslanders’ retirement savings,” she said.
“There is lost super to be found in all suburbs and towns across the state, and it is so easy to find if any of it is yours.”You are especially vulnerable to lost super if you have recently moved homes, changed jobs or married.”Ms Oakhill said that despite high levels, lost super was easy to recover.
“In fact we know from what our customers tell us that they put off searching for super because they think it will take a long time, but this isn’t actually the case. Super can be found in a few minutes,” she said.