More than $220 million sitting in lost super accounts, Westpac report reveals

HILLS residents are failing to claim more than $223 million in lost super, according to an analysis by Westpac.

Kim Crisp, 43, has just found $95,000 in lost super. She works as a casual cleaner and says it has changed her life. Photo by: Gary Ramage

HILLS residents are failing to claim more than $223 million in lost super, according to an analysis by Westpac.

The 2014 Westpac Lost Super Report shows 19,517 lost and ATO-held super accounts in the region, equating to an average of $1146 for each local adult.

Residents of Baulkham Hills, Bella Vista and Winston Hills share in a pool of almost $42 million, ranking them in the top 10 NSW postcode regions for lost super.

Westpac general manager Gai McGrath said nearly nine out of 10 Australians do not think they have any lost super.

“However, there are six million lost and ATO-held super accounts across the nation,” she said.

“Many Australians could benefit by finding their lost super as soon as possible.

“Lost super is money that you have worked hard for, money that can easily be found and can genuinely help in your retirement.

“For someone who is in their twenties, $2500 in super today could amount to more than $22,000 by the time they retire.

“When you put it in these terms, you start to realise how much of an impact this money could have on your ­financial future.”

The report found many Australians would rather enjoy a smaller amount of money now than safeguard their nest egg in retirement, revealing almost one in three would prefer to find $200 in cash than $2000 in lost super.

This is despite a staggering $18.2 billion in lost and ATO-held super sitting across six million accounts.

Find your lost super at ato.gov.au/superseeker. You need a Tax File Number, name and date of birth.