MILLIONS LOST: Queensland’s largest superannuation fund reports CQ residents have millions worth of unclaimed super.
MILLIONS LOST: Queensland’s largest superannuation fund reports CQ residents have millions worth of unclaimed super.

MISSING SUPER: Millions of super missing in Callide Valley

QUEENSLAND'S largest superannuation fund is urging residents in Biloela and the Callide Dawson Valleys to take stock of their super over the holiday for a New Year savings boost.

QSuper Chief of Member Experience Jason Murray said the latest ATO figures revealed there was more than $98 million in lost and unclaimed super in the region.

"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," Mr Murray said.

"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 potential insurance premiums eating into future income.

"The Productivity Commission estimated that the fees associated with holding multiple accounts could mean 6 per cent less to spend in retirement," he said.

"For example, a 21-year-old on a $50,000 full-time starting salary could end up losing over a year's 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," Mr Murray said.

"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.


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