Are you one of the CQ residents owed a slice of $106M?
CENTRAL Queensland residents are missing out on more than $106 million in lost and unclaimed super, which is sitting in Australian Taxation Office coffers and old super accounts.
Residents within the 4700 postcode have more than $12 million of unclaimed and lost super across 2,894 accounts.
QSuper member experience chief Jason Murray said people who have had numerous jobs were prone to having extra super accounts.
"I urge them to do a quick super health check over the Christmas break to find and consolidate all of the money they rightfully own," Mr Murray said.
More than $25 million has been lost or unclaimed by residents within the postcode of 4701 and in 4702, there is more than $16 million.
Mr Murray said money in multiple super fund accounts meant multiple fees and potentially insurance premiums were eating into future income.
"The Productivity Commission estimated that the fees associated with holding multiple accounts could mean six per cent less to spend in retirement," he said.
"For example, a 21-year-old on a $50,000 full-time starting salary could end up losing over a years' worth of pay by age 67 if they have multiple accounts over their working life."
While money held by the ATO would not incur any charges, it also would not benefit from investment earnings higher than the rate of inflation, Mr Murray said.
Last financial year QSuper helped reunite more than 25,000 members with $908 million in funds through its instant search tool.
He said tracking down old super fund accounts was a quick and simple process.
"You can either set up a MyGov account and link it to the ATO to find all of your accounts or give your current fund permission to do it for you," he said.
"You don't need your previous member details, just your Tax File Number."
The ATO data shows Queensland residents are missing out on $2.8 billion in super.