New rules about lost super
03/11/2010
Legislation introduced as part of the 2009/2010 Federal Budget about lost and unclaimed super accounts has now come into effect.
The new legislation means all super funds, including Telstra Super, are required to transfer 'lost' member accounts with balances less than $200, or member accounts that have been inactive for five years and whose owner cannot be identified, to the Australian Tax Office (ATO).
Members whose 'lost' accounts are transferred to the ATO are able to reclaim their super savings directly from the ATO at any time.
What is a 'lost' member?
Essentially, this is any super account that has:
- not received any contributions or rollovers in the past five years, AND
- your fund has been unable to contact you within this same time period i.e. we have had two pieces of returned mail.
If you have recently moved or are concerned that you have not heard from us in a while, it may be worth making sure that we have your most recent contact details on file.
You can also use the ATO's search tool, SuperSeeker to check if you have any unclaimed super with other funds you may have lost touch with.
How do I avoid becoming a lost member?
It is important to keep your super account ticking over, not just to avoid becoming a lost member but to ensure you are financially equipped to enjoy the retirement lifestyle you expect.
While compulsory employer contributions are a great starting point for your retirement savings, making small, regular contributions into your super account can make a huge difference to your final balance. To find out how voluntary contributions could help improve your retirement savings, use our Pre tax vs post tax calculator or call 1300 033 166 and ask to speak to a Super Adviser.
Like most Australians, you are likely to have had more than one job, with each employer paying your super contributions into a different super fund - this makes it difficult to keep track of your super, and leaves you at risk of becoming a lost member.
To make it easier to manage your retirement planning (and avoid paying unnecessary fees), consider consolidating your super into your Telstra Super account by filling out a Consolidate your super form.
To ensure Telstra Super can keep you informed about your retirement savings, it is important we have your most up-to-date contact details on file. Changing your personal details is easy - simply call us on 1300 033 166 or update them through SuperOnline™