I am an Australian Citizen currently living in the UK. I logged on to the Australian Tax Office (ATO) website today an the ATO tells me i have unclaimed super. It's about $3000, and is exactly equal to the amount of super I had in my fund when i left Australia. It was basically just contributions I made working as a teenager and during university, I have much more now in my UK pension fund.
As far as I can tell, this means my superannuation fund has closed my account and all the money is now being held by the tax office. I am not sure why, but I suspect it was because of one or more of:
- I am not a resident in Australia,
- They couldn't contact me
- It was a small amount of money
- I wasn't making contributions
So I think now the ATO has the money?
Do I need to do anything about it?, Can I do anything about it?
Will it continue to gain interest while the ATO has it? My superfund had actually been doing pretty well at it over the last few years, net 5-10% growth per year. (Incontrast to my old superfund, which made 0.1% then changed me fees that far exceeded that). I would rather not have it sitting there as inflation devalues it down to nothing.
I don't have any desire to try and remove money from my superfund, I am many decades away from retiring and assume i will probably move back to Australia before I do.