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$45 Million in lost super for Belconnen alone

By johnboy - 8 September 2011 14

Chris Bourke MLA and Andrew Leigh MP have joined forces to try and get the benighted folk of Belconnen to gather their superannuation into one big pile rather than scattered and looted for fees by the pirates of the finance sector (in one big pile you’re only looted by one pirate under the rules of the game).

“Canberrans are owed more than $240 million in unclaimed superannuation. There is an opportunity cost in lost future earnings. If you have too many accounts the administration charges mount up,” said Mr Leigh.

“According to a national survey, people living in the Belconnen suburbs covered by the 2615 postcode are owed more than $45 million so our campaign will start there.”

Dr Bourke said that the survey found more than 46 per cent of Australians were missing part of their superannuation. On average there is one lost super account for every two working Australians. Nearly 16 per cent of people surveyed knew they had unclaimed super but did not know how to act on it.

“Some of the suburbs with the highest amounts of unclaimed super include Charnwood, Spence and Holt so we will be visiting shopping centres in those suburbs and surrounding areas to show people how easy it is to find their lost super.”

The Australian Taxation Office has a Superseeker tool on its website to help people find their lost and unclaimed super and transfer it into one account. This service is free and a phone service is also available 24 hours a day.

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14 Responses to
$45 Million in lost super for Belconnen alone
milkman 8:50 am 10 Sep 11

Super is a wank, at least it is for anyone under about 40 who hopes of having a decent retirement.

Gerry-Built 9:10 pm 09 Sep 11

Well – let me be the first Belconnen resident to go out on a limb and offer to give each of those $45 million dollars good homes. I would be quite happy to quit my job to dedicate myself to this task full time… however long it takes…

pajs 2:12 pm 09 Sep 11

Just used SuperSeeker to find and transfer into PSS two lots of old super (QSuper & UniSuper). Took all of ten minutes, including getting on the phone to get details from PSS needed for the auto-transfer electronic form. Easy. Good work ATO.

Genie 1:33 pm 09 Sep 11

Tried that ! Pssap sent me back my paperwork because nothing had a JP stamp on it. Grrrrr whatevs I’ve since given up for now.

Chop71 said :

Genie said :

I have 6 or 7 super accounts… Many i didn’t know existed until i received an annual statement.. The perils of doing alot of contract work and realising your employer has set up an account with THEIR super fund not your requested account.

I have tried on many occasions to roll them into the one account.. the paperwork is just pathetic. You need to supply certified copies of your ID to both super funds. I even had a JP laugh at me when I asked for 12 copies of my passport certified. They flat out refused to do it.

I even have 3 super accounts with NO money in them from working during my teenage years when I didn’t know any better. Turns out you cant close your own super accounts, your employer has to advise them that you no longer work there (REST Super your idiots). I still get annual reports every year despite requesting they dont bother sending them out. I’ve know for 8 years now the account is empty.

Oh and even KNOWING that I have several super accounts.. The ATO superseeker tool claims I dont have any. All but one of my super accounts have been inactive for at least 18 months.

On a side note.. anyone know a JP willing to certify 12 copies of my passport ?
Why it has to be a JP is beyond me, half of Canberra are public servants with greater than 5 years service who would be more than happy to sign them.

you can do it at any police station

DermottBanana 12:37 pm 09 Sep 11

Just tried it and, as with every other time I’ve used it in the last 5 or so years, the ATO database can’t seem to match my name, dob & TFN.
Surprise surprise.

Chop71 12:32 pm 09 Sep 11

Genie said :

I have 6 or 7 super accounts… Many i didn’t know existed until i received an annual statement.. The perils of doing alot of contract work and realising your employer has set up an account with THEIR super fund not your requested account.

I have tried on many occasions to roll them into the one account.. the paperwork is just pathetic. You need to supply certified copies of your ID to both super funds. I even had a JP laugh at me when I asked for 12 copies of my passport certified. They flat out refused to do it.

I even have 3 super accounts with NO money in them from working during my teenage years when I didn’t know any better. Turns out you cant close your own super accounts, your employer has to advise them that you no longer work there (REST Super your idiots). I still get annual reports every year despite requesting they dont bother sending them out. I’ve know for 8 years now the account is empty.

Oh and even KNOWING that I have several super accounts.. The ATO superseeker tool claims I dont have any. All but one of my super accounts have been inactive for at least 18 months.

On a side note.. anyone know a JP willing to certify 12 copies of my passport ?
Why it has to be a JP is beyond me, half of Canberra are public servants with greater than 5 years service who would be more than happy to sign them.

you can do it at any police station

p1 12:18 pm 09 Sep 11

My wife has two super accounts with the same company, one in her pre-marriage name, one in her current name. Back when we got married, she notified them of the name change and sent the appropriate paper work too them to have it changed… they somehow managed to set up a new account in the new name.

Of course, in order to get the two merged, they required any amount of paper work and ID checking….

dvaey 10:50 am 09 Sep 11

I used to have a couple of super accounts, one of which was setup about 10 years ago which had abount 5k in it last I checked., I recently got a letter from the fund.with a statement. The letter was advising that because my super had fallen to below $400 they were no longer interested in my account and had passed the remnants of what I had left into a government super fund. The enclosed statement advised that for the past 10 years, I had apparently been paying account keeping fees and a few various insurance premiums (which totalled about $30/month), which had
slowly dwindled my super from about $5000 to just under $400.

I never even knew my super was slowly disappearing until there wasnt enough left for the company to be bothered with anymore. I dont know what I wouldve done if I had known it was being drained away slowly (well, rapidly), but I wouldve been sure to give MLC a piece of my mind much earlier than waiting until they cut my account off.

The best bit about all of this, is that the 5k super that was initially put in there, was awarded to me after I left the job and the company was investigated by ATO for underpaying staff and not paying benefits such as super. The company started the super fund in my name and I received backpay for my super for the time I worked there. At the time, knowing I had super was a nice little bonus. I wonder how many others much older than me, will be going to cash in the super theyve worked their whole lives for,only to find out its dwindled to almost nothing.

Genie 10:02 pm 08 Sep 11

I have 6 or 7 super accounts… Many i didn’t know existed until i received an annual statement.. The perils of doing alot of contract work and realising your employer has set up an account with THEIR super fund not your requested account.

I have tried on many occasions to roll them into the one account.. the paperwork is just pathetic. You need to supply certified copies of your ID to both super funds. I even had a JP laugh at me when I asked for 12 copies of my passport certified. They flat out refused to do it.

I even have 3 super accounts with NO money in them from working during my teenage years when I didn’t know any better. Turns out you cant close your own super accounts, your employer has to advise them that you no longer work there (REST Super your idiots). I still get annual reports every year despite requesting they dont bother sending them out. I’ve know for 8 years now the account is empty.

Oh and even KNOWING that I have several super accounts.. The ATO superseeker tool claims I dont have any. All but one of my super accounts have been inactive for at least 18 months.

On a side note.. anyone know a JP willing to certify 12 copies of my passport ?
Why it has to be a JP is beyond me, half of Canberra are public servants with greater than 5 years service who would be more than happy to sign them.

Jethro 6:14 pm 08 Sep 11

p1 said :

Technically, since they know where the super is, it isn’t actually lost.

Since most super accounts would have a TFN, why don’t they make a default system whereby if an account doesn’t have money paid in for two years they notify the ATO, who then let you know if you ever file a tax return in the future?

Some super funds are absolute jerkheads and, despite the fact that you request them to transfer your funds into your new account, which has the same TFN, etc, they won’t without certified copies of identity documents, etc… basically they throw hurdles up to make it difficult for people, and in a lot of cases people decide it is not worth the effort to collect $50 or $100 of super from a belligerent fund.

JC 5:24 pm 08 Sep 11

p1 said :

Technically, since they know where the super is, it isn’t actually lost.

Since most super accounts would have a TFN, why don’t they make a default system whereby if an account doesn’t have money paid in for two years they notify the ATO, who then let you know if you ever file a tax return in the future?

Not sure if it works like you describe, but go to the ATO website and you can find lost super if you have it. Here is the link.

http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00250233.htm&page=22#P626_44639

gooterz 4:46 pm 08 Sep 11

My bet is that they knew they had super, but don’t know what it is!

p1 3:11 pm 08 Sep 11

Technically, since they know where the super is, it isn’t actually lost.

Since most super accounts would have a TFN, why don’t they make a default system whereby if an account doesn’t have money paid in for two years they notify the ATO, who then let you know if you ever file a tax return in the future?

Grail 1:18 pm 08 Sep 11

I used Superseeker and uncovered $1.60 of lost super!

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