The Austrailan Tax Office says there is $5.8 billion worth of superannuation waiting to be claimed, despite an increase in the number of people consolidating their accounts.
Many people have lost track of them, because they have moved jobs for example, and haven't updated their address details with their previous fund.
Pauline Vamos, Chief Executive of the Association for Superannuation Funds of Australia says, "because of all of the changes that have been made to the Tax Office systems you can actually find your lost super and transfer it, into an active superannuation account that you have all in one visit."
The Australian government's myGov website has all the details to find your lost super, but you'll have to register first. That may take some time, because you'll need to supply things like your tax file number and bank details, but once you're registered, you can also access other services like Medicare and Centrelink via the myGov website.
Having multiple accounts can errode any build up of funds, in fact, the Australian Prudential and Regulation Authority says the median figure for fees and charges paid by Australians for a low cost superannuation account is $532 per year.
If you are looking to merge your superannuation accounts, here are some tips from financial planner Deborah Kent, and be aware of any life insurance policies attached to any funds.
Accessing superannuation has been a controversial topic discussed lately, watch Deborah Kent explain what you need to know about reverse mortgages, especially for those entering retirement.
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