Five questions about one account
- 1
Where is it?
Super you have lost track of is held either by a super fund or by the ATO, and Moneysmart says a search costs nothing through the ATO or your current fund. Finding lost super
- 2
How many are there?
The ATO notes that more than one account could mean paying more than one set of fees and charges. Keeping one account
- 3
What is it in?
With no investment choice made, a fund puts your money in its MySuper product, and the law limits the kinds of fee charged on it. MySuper and choosing a fund
- 4
What does it cover?
Most funds offer life, total and permanent disability (TPD) and income protection insurance, and the cost comes out of your balance. Insurance through super
- 5
Who gets it?
The money in a super account does not automatically form part of your estate, Moneysmart explains, so the fund needs to be told who should receive it. Who gets your super
What is mine here?
The account in your name
Moneysmart describes super as money saved for your retirement over your working life. Most people can choose their own fund; if you don’t, your employer chooses one for you. When you change jobs, you can keep the account you already have or open a new one.
The account is also the place to see what is happening to it. Moneysmart suggests logging in to your account, or your fund’s app, from time to time, which shows whether your employer is paying your super. The ATO’s online services track your super and can turn up accounts you have forgotten or lost touch with.
Who can reach it?
Keeping the account safe
Moneysmart’s page on super scams describes multi-factor authentication as more than one step to prove who you are, such as a code sent to your phone. It also says to keep your mobile number, email and postal address up to date with your fund, so the fund can reach you if it notices suspicious activity. To contact a fund, use the details on its own website, app or statement; if unsure, Moneysmart points to ASIC’s Professional Registers Search, where a fund may have listed its website address.
A scammer may try to get your super, your personal details or your login. Moneysmart lists your super fund, Scamwatch and the ATO as places to report a super scam, and ReportCyber where it involved hacking, stolen logins or unauthorised access to your accounts.
Who says so?
Official sources
Moneysmart is ASIC’s consumer website. The ATO’s pages on super are linked throughout this guide, and the fee rules for MySuper products are in the Superannuation Industry (Supervision) Act 1993. For a dispute with a financial firm, Moneysmart names the Australian Financial Complaints Authority (AFCA), which it describes as an independent dispute resolution scheme.
My Superannuation is a guide published by Dotto from the official sources listed at the foot of each page.