Lost superannuation in Mandurah areas

Lost superannuation in Mandurah areas
Lost superannuation in Mandurah areas

THERE is $13.4 billion in lost superannuation across Australia and $94 million of this is sitting in the Mandurah Coastal Times distribution area across 12,9684 accounts, according to the 2015 Westpac Lost Super Report.

Residents of postcode 6210 (Coodanup, Dudley Park, Erskine, Falcon, Greenfields, Halls Head, Madora Bay, Mandurah, Mandurah Dc, Mandurah East, Mandurah North, Meadow Springs, San Remo, Silver Sands, Wannanup) are especially encouraged to search for their lost super, with a local pool of $36,388,993 and average lost super balance of $7043.

These figures rank the 6210 postcode as one of the top 10 WA regions for lost super.

A super account will generally be considered lost if no contributions or rollovers have been added to the account in the past year and either the super fund never had an address for the owner or mail sent out has been returned unclaimed.

A super account will also be considered lost if there have been no contributions or rollovers in the employer default super plans in the past five years.

Westpac retail banking general manager Gai McGrath said $13.4 billion was a staggering amount of real hard-earned money waiting to be found.

“The average amount of lost super per account is $9762.5,” she said.

“Based on an average Australian wage, it would take nearly two years of working time to accumulate that amount of super.

“It’s your money, so I encourage all Australians to do a super search.

“The long term benefits are significant – if someone in their 20s conducted a five minute search and found $9762 today, this could grow to more than $85,000 by the time they retire.”

To find lost superannuation visit the ATO Quick Search service at ato.gov.au/|individuals/super/in-detail/superseeker/check-your-super.