The Minister for Financial Services & Regulation, Joe Hockey, said today that many Australian men and women could be missing out on potentially millions of dollars in unclaimed superannuation benefits
"Australians might have lost contact with the super funds holding their benefits because these workers have changed jobs, moved interstate and cannot be tracked down," the Minister said.
"Australians who think they have a lost superannuation benefit or account can contact the Australian Taxation Office on the Superannuation Helpline, on 13 10 20.
"These people should tell the Helpline official the State or Territory in which their fund is based, and the official will provide the contact details of the relevant Government agency..
"I urge Australians to take action to reclaim the benefits that are rightly theirs.
Super funds and providers of Retirement Savings Account - also known as RSAs - have to forward unclaimed super benefits to the relevant State or Territory or to the Commonwealth Government when a member that has reached the pension age cannot be contacted by the fund.
Each State and Territory, except for Western Australia, has a separate body that deals with the unclaimed super benefits.
In WA, funds and RSA providers send the unclaimed benefits to the Commonwealth Government.
The Australian Taxation Office also maintains a Lost Members Register database for super fund members that have lost contact with their fund.
The Hotline official can search the database on behalf of a fund member to check whether they are registered.
"Australians are missing out on potentially millions in unclaimed super. You have worked hard and deserve to enjoy the fruits of your labours."