NO CENTS: Dalby residents have lost over $8 million in superannuation funds.
NO CENTS: Dalby residents have lost over $8 million in superannuation funds.

How Dalby residents lost over $8 million in 12 months

DALBY residents have lost over $8 million in unclaimed superannuation in the last 12 months, leaving super funds desperate to see the number decrease rapidly.

Queensland’s largest superannuation fund is urging Dalby residents to take stock of their super over the holiday for a New Year savings boost.

QSuper’s Chief of Member Experience, Jason Murray said latest ATO figures revealed there is more than $8.2 million in lost and unclaimed super in the local area.

“Locals could have thousands of dollars in accounts held by the ATO, and potentially more money sitting with old super funds if they have changed jobs numerous times.

“I urge them to do a quick super health check over the Christmas break to find and consolidate all of the money they rightfully own.”

Last financial year QSuper helped reunite more than 25,000 members with $908 million in funds through its real-time, instant search tool.

Mr Murray said money in multiple super fund accounts meant multiple fees and potentially insurance premiums eating into future income. 2

“The Productivity Commission estimated that the fees associated with holding multiple accounts could mean 6% less to spend in retirement. 3 For example, a 21-year-old on a $50,000 full-time starting salary could end up losing over a years’ worth of pay by age 67 if they have multiple accounts over their working life.”

Mr Murray said while money held by the ATO wouldn’t incur any charges, on the downside it also wouldn’t benefit from investment earnings higher than the rate of inflation, and that tracking down old super fund accounts is a quick and simple process.

“You can either set up a MyGov account and link it to the ATO to find all of your accounts or give your current fund permission to do it for you. You don’t need your previous member details, just your Tax File Number.”

The ATO data shows Queensland residents are missing out on $2.8 billion in super.