LGIAsuper, one of Australia’s leading super funds, has found that residents of the Sunshine Coast and Noosa are missing out on more than $196m in lost or unclaimed superannuation.
The fund, which was recently awarded one of the ‘Highest Quality Funds for 2019’ by research firm Chant West, found that the Australian Tax Office reported over 40,000 members of the community were affected by the issue as at 30 June 2018.
Over $161m super was determined to be lost, while another $35m lay unclaimed.
LGIAsuper CEO Kate Farrar said that missing or unclaimed super was a common issue and should be taken seriously.
“Knowing where your super is and how much you have accumulated over your working life is extremely important if you are looking to build a secure financial future.
“People can easily lose track of their super when they change jobs, switch super funds or move to a new house and don’t update their details,” she said.
“However, being complacent about your super can mean a difference of thousands, or tens of thousands of dollars when you retire, which can make a significant impact on a person’s financial position and long-term security.
“If your super is lost or missing, you don’t have control over the investment option that your account is using, or control over the fees you are paying, which may not be the most beneficial for your personal financial situation.”
Despite the impact it can have on their future, many people don’t realise they have unclaimed super.
To assist locals that want to check if they have lost or unclaimed super, LGIAsuper will be hosting super health check sessions on the Sunshine Coast in February.
“The beginning of the new year is a great time for people to review all of their investments, search for unclaimed super and actively manage their interests,” said Ms Farrar.
“LGIAsuper is a strong supporter of the local community, with active regional investments in Sunshine Coast Airport, Sunshine Plaza and Noosa Civic.
“We are encouraging anyone that is interested to meet with one of our specialists, who will be available to assist you with locating your lost or unclaimed super and provide information about how you can grow your super.
“With so much super lost and unclaimed on the Sunshine Coast, it’s a good idea to check that you haven’t been affected.”
Sunshine Coast and Noosa residents can call 1800 444 396 to book a super health check with one of LGIAsuper’s specialists.