Super Safe? Save your Super!
Just on 2 years ago, super accounts with balances under $1000 were subject to game changing legislation. The legislation protecting small balances from having fees (think membership) and charges (think insurance) erode the money in your account was removed. Some funds also changed their rules to re-instate insurance on all accounts.
What this means is if your super fund knows where you live and you have made no contributions to a small balance account, you may be making a gift of it to your super fund, as you pay their fees and charges and your balance dwindles.
Take action now! Statements should be in your mailbox and if you have moved house, make sure your super fund and your employers know where to find you. Roll over the small funds into the one you are currently using.
If your super fund has lost track of you, it’s possible they have sent your money to the ATO if the balance was under $2000. Or, if the nice people who moved into your home when you relocated are throwing your mail in the bin, the fund may be unaware of your new address. A super fund needs to receive at least 2 pieces of communication as Return to Sender before they consider you lost.
Sharing is caring, give your friends and family the heads up and if it’s in their too hard basket, most superfunds will look for your lost super and roll it over for free.