You’ve probably heard, at one point or another over the last couple of years, about combining or consolidating your super.
According to the Australian Taxation Office (ATO), Australians have $17.5 billion in lost and unclaimed super spread across 6.2 million accounts, and more than a third of Australians hold two or more super accounts1.
While some people intentionally maintain multiple accounts for various reasons – they may receive better insurance cover through a particular account, for example – the ATO states that most people are unaware they have multiple accounts.
It can happen easily enough. Often, people lose track of their super accounts when they change jobs, move house, or just forget to update their details.
1As at 30 June 2018