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  • Super data: multiple accounts, lost and unclaimed super

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    Trend

    Over the past five years, the number of individuals who have consolidated their super has steadily increased. As at 30 June 2018, more than 10 million people, representing 64% of the population, had one super account only.

    Your super is your savings for retirement. It is important for you to know how much super you are getting, what accounts you have and what insurance you may have.

    Having multiple super accounts could mean you are paying multiple fees and charges, which may reduce your overall retirement income.

    You can find and manage your super using ATO online services through myGov. Using ATO Online you can see all your super accounts, including any you may have forgotten about. You can also use ATO Online to combine multiple super accounts by transferring your super into one super account.

    Simply log in or create a myGov account, link it to the ATO, select 'super', you can then find and choose to transfer your super.

    Before combining multiple accounts, you should check with your fund to see if you will lose any valuable insurance. For more information, visit ASIC's MoneySmart websiteExternal Link.

    See also:

    Multiple super accounts held by Australians

    At 30 June 2018, over 10 million Australians have one super account, with approximately six million people holding two or more super accounts.

    Note: Figures are based on member data reported by funds to us for the year ending 30 June 2018. Percentages have been rounded.

    Number of super accounts

    Individuals by number of accounts held

    Number of accounts

    Total individuals

    1 account

    64%

    2 accounts

    23%

    3 accounts

    8%

    4 accounts

    3%

    5 accounts

    1%

    6 or more accounts

    1%

    Number of accounts held by males/females

    Number of accounts

    Male 

    Female

    1 account

    51%

    49%

    2 accounts

    52%

    48%

    3 accounts

    54%

    46%

    4 accounts

    55%

    45%

    5 accounts

    57%

    43%

    6 or more accounts

    60%

    40%

    Number of super accounts by age

    Holding one, two, three or more accounts by age group

    Age

    1 account

    2 accounts

    3 or more accounts

    18 and under

    94%

    5%

    1%

    19 to 25

    71%

    22%

    7%

    26 to 30

    66%

    23%

    11%

    31 to 35

    64%

    23%

    13%

    36 to 40

    60%

    24%

    16%

    41 to 45

    56%

    26%

    18%

    46 to 50

    56%

    26%

    18%

    51 to 55

    57%

    27%

    16%

    56 to 60

    61%

    26%

    13%

    61 to 65

    67%

    23%

    10%

    66 or more

    82%

    14%

    4%

    Unknown

    94%

    5%

    1%

    Number of super accounts by region

    Holding one, two, three or more super accounts, by state or territory

    State/Territory

    1 account

    2 accounts

    3 or more accounts

    ACT

    60%

    26%

    14%

    NSW

    64%

    24%

    12%

    NT

    57%

    26%

    17%

    QLD

    59%

    25%

    16%

    SA

    63%

    25%

    12%

    TAS

    66%

    23%

    11%

    VIC

    66%

    23%

    11%

    WA

    62%

    24%

    14%

    Unknown

    80%

    13%

    7%

    Note: Unknown refers to invalid addresses and accounts with overseas addresses

    Number of super accounts held by individuals, 2015 to 2018 (%)

    Number of superannuation accounts

    2015

    2016

    2017

    2018

    1

    57%

    60%

    61%

    64%

    2

    25%

    25%

    24%

    23%

    3

    10%

    9%

    10%

    8%

    4

    4%

    4%

    3%

    3%

    5

    2%

    1%

    1%

    1%

    6 or more accounts

    2%

    1%

    1%

    1%

    TOTAL

    100%

    100%

    100%

    100%

    Individuals with 1 or 2 super accounts

    82%

    85%

    85%

    87%

    Individuals with 3 or more super accounts

    18%

    15%

    15%

    13%

    Lost super

    Lost superannuation is super money that that is held by superannuation funds where the member is either:

    • uncontactable – the fund has lost contact with the member and the account hasn’t received a contribution or rollover for 12 months, or
    • inactive – where an account hasn’t received a contribution or rollover in five years.

     

    ATO-held super refers to super money we hold for you. This includes amounts paid by employers, super funds, retirement savings accounts (RSA) or the government on your behalf.

    Generally, super money will be transferred to us from super providers for any of the following:

    • unclaimed super for members aged 65 years or older, non-member spouses and deceased members
    • small lost member accounts and insoluble lost member accounts
    • inactive low-balance accounts
    • super for temporary residents who have left Australia for six months or more.

     

    You can consolidate your lost or ATO-held super using ATO Online in myGovExternal Link.

    See also:

    Account numbers

    Number of super accounts for both lost and ATO-held categories

    Category

    2015

    2016

    2017

    2018

    Fund held: Lost uncontactable

    665,000

    267,000

    257,000

    257,000

    Fund held: Lost inactive

    727,000

    325,000

    372,000

    323,000

    ATO-held: Unclaimed (general, small & insoluble) (see note)

    3,796,000

    4,085,000

    4,599,000

    4,571,000

    ATO-held: Unclaimed (temporary resident)

    776,000

    781,000

    786,000

    790,000

    ATO-held: Superannuation holding accounts (SHA) active

    168,000

    194,000

    238,000

    273,000

    ATO-held: Superannuation holding accounts (SHA) inactive (consolidated revenue)

    62,000

    64,000

    66,000

    66,000

    Total

    6,194,000

    5,716,000

    6,318,000

    6,280,000

    Note: The increase in unclaimed super money (USM) paid to the ATO in 2016–17 was largely due to the increase in the small lost member account threshold from $4,000 to $6,000, effective 31 December 2016.

    Account values

    Value of super accounts for both lost and ATO-held categories

    Category

    2015

    2016

    2017

    2018

    Fund held: Lost uncontactable

    $5.8b

    $4.7b

    $5b

    $5.2b

    Fund held: Lost inactive

    $7.7b

    $6.9b

    $9.1b

    $8.2b

    ATO-held: Unclaimed (general, small & insoluble) (see note)

    $2b

    $2.5b

    $3.2b

    $3.3b

    ATO-held: Unclaimed (temporary resident)

    $571m

    $585m

    $590m

    $595m

    ATO-held: Superannuation holding accounts (SHA) active

    $69m

    $91m

    $93m

    $105m

    ATO-held: Superannuation holding accounts (SHA) inactive (consolidated revenue)

    $13m

    $13m

    $13m

    $13m

    Total

    $16.2b

    $14.8b

    $17.9b

    $17.5b

    Note: The increase in unclaimed super money (USM) paid to the ATO in 2016–17 was largely due to the increase in the small lost member account threshold from $4,000 to $6,000, effective 31 December 2016.

      Last modified: 22 Oct 2019QC 37783