Unclaimed Super

Australians have Unclaimed and lost super accounts totalling around $13 billion in abandoned retirement savings. Such large figures mean you stand a good chance of having some in your name. With more Australians than ever before projected to fall short of what’s needed for their retirement savings, chasing up your unclaimed and lost super is a worthwhile task.

Could you have Unclaimed Super?

An account will be known as Unclaimed Super when

• The super account has not had any contributions for two years
• The fund has made reasonable efforts to contact the account’s owner for at least five years
• The account owner has reached age 65

There are other forms of unclaimed super which are listed below:

Non-member Spouses

If your former spouse was a member of a super fund, and an agreement with the spouse or a court order states that you’re entitled to some of the spouse’s super interest, it’s known as a payment split. Your part of the payment split is considered unclaimed super if once you become entitled to the money, the super fund has been unable to contact you or ensure that you will receive the money.

Deceased Persons

The super of someone who has passed away is also considered unclaimed super if the super fund finds that:

• Their policy or the law dictates that the funds in the deceased’s super account is immediately payable
• There has been no amount deposited into the account for two years
• After going to reasonable lengths to ensure the benefit is paid out to the individual(s) entitled to receive it, the super fund has been unsuccessful.

Former temporary residents

Australia receives many international students and foreign workers each year. Many eventually return to their home countries after accumulating a considerable amount of money in at least one super account. When the temporary resident doesn’t claim the money upon leaving Australia, their funds are considered unclaimed super when:

• He or she held a temporary visa
• Six months has passed since the person’s visa expired or the person left Australia (whichever is later)
• The person currently doesn’t hold any visa, temporary or permanent, to remain in Australia
• The Australian Taxation Office (ATO) has informed the super fund to transfer the money in the former temporary resident’s super account via a section 20C notice
• The person is neither an Australian or New Zealand citizen and has not made an application to become either.

If you are a temporary resident holding a class of visa (excludes Australian or New Zealand citizens, permanent residents of Australia or holders of a subclass 405 visa or a subclass 410 visa), and were a member of RecruitmentSuper, Australian Enterprise Super or Accountants Super conditions under which you can access to your super changed in April 2009.

There is a requirement that we transfer your money to the Australian Taxation Office (ATO) if you have not claimed your benefit within six months of departing Australia (it becomes ‘unclaimed money’).  If this occurs you are able to subsequently claim your money from the ATO.

We rely on relief provided by ASIC Class Order 09/437 that allows us not to provide you with an exit statement if we transfer your benefit in this way.  If you require more information please contact us on 03 8605 4400.

To find you’re lost or unclaimed super get started now with the ATO’s Superseeker tool.