New laws give workers freedom to choose their own super fund

Cowper MP: Luke Hartsuyker says the ATO’s figures show more than $70 million of unclaimed super is held in accounts belonging to Cowper locals.
Cowper MP: Luke Hartsuyker says the ATO’s figures show more than $70 million of unclaimed super is held in accounts belonging to Cowper locals.

Superannuation is one of the most important parts of preparing for a financially-secure retirement.

New statistics from the Australian Tax Office (ATO) show that there are over six million superannuation accounts worth over $18 billion that are unclaimed across Australia.

The ATO’s figures show that over $70 million of this unclaimed super is held in more than 18,000 accounts belonging to Cowper locals.

There’s plenty of ways you can lose track of your super: changing jobs, which may force you to move into a new super fund; changing your address; getting married and changing your name, or simply not updating your details with your super fund.

If you have done any of the above recently, there is a good chance you might just have a lost or unclaimed super account. But there are now other ways you can check on your super to make sure it’s working for you. 

Our government has introduced a suite of changes that will improve the way in which you manage your super. These new laws give workers the freedom to choose their own superannuation fund, even to workers employed under enterprise bargaining agreements or workplace determinations.

These changes will give more than a million workers the ability to pick their own fund even if they are currently prevented from switching because of their workplace agreements.

This means you can choose which super fund you want to put your money into to secure your retirement. Your employer no longer has the ability to choose the super fund your money goes into.

But it also helps you keep track of your super. These changes will help reduce instances of multiple accounts where you are forced to change super funds when you change jobs – now you can pick where you want your money to go.

If you are in any doubt, I would urge you to jump online and check if you have any unclaimed super. For more information or to see if you have lost superannuation visit ato.gov.au/checkyoursuper.