UP FOR GRABS: Lismore has $47.5m of unclaimed super

ABOUT 87 people could retire comfortably on the $47.5 million pool of unclaimed super in the Northern Rivers.

APN Australian Regional Media research reveals $47,473,390 is gathering dust in the region's 5302 forgotten superannuation accounts.
The Association of Superannuation Funds of Australia says today's retirees need a nest egg of $545,000 to live out their lives "comfortably".

The Australian Taxation Office estimates that each unclaimed account is costing its owner at least $532 a year in fees and charges.

"If you already have lots of super accounts, you need to know that every super account costs you money," an ATO spokesperson said.

"Combine any super accounts you no longer need.

"But remember, before you close your super accounts, check with your fund about insurance and fees and charges."
National Seniors Australia chief executive officer Michael O'Neill said many retirees could not afford to lose large amounts of money.

"Whether it's lost superannuation or lost savings - all that can be part of your retirement income so it is terribly important that people connect with their super, that they connect with their lost savings and to maximise what they have got going into retirement," Mr O'Neill said.

Combined Pensioners and Superannuants Association research and advocacy manager Amelia Christie said unclaimed accounts could easily become small change over time.

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"It's really important that people do find their super and consolidate it into one account because they could be paying fees across the board," Ms Christie said.

"There is a chance, particularly if you don't have much in the account, that you will lose it all."

Find your nest egg post haste

THERE are 5302 unclaimed super accounts in the Northern Rivers and postcode 2480 is home to most of them.

APN Australian Regional Media analysis of Australian Taxation Office data reveals $20,706,163 is sitting in 2165 accounts scattered across the Lismore district.

Filling out the top three lost super areas are Ballina where 1316 accounts hold $11,460,546 and Byron which has 1014 accounts containing $6,837,745. Graphic. Interactive digital map.

- APN Australian Regional Media
 



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