When you change jobs, quite often your new employer will either select their own default super fund or you may simply have forgotten to specify your existing one.
If you’ve ever been married or changed your name you may forget to tell your super fund about it.
When you change your address your super fund’s correspondence will often go undelivered and eventually be forgotten about.
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When contributions stop getting paid to a super fund, the account becomes listed as dormant and will continue to decline in value. Most of the time the investment fees and default insurance policies will chew away at the capital, leaving next to nothing behind.
In 1992, under the Keating Labor Government, The compulsory employer contribution scheme became a result of Australia’s retirement dilemma. From 1992 it became a mandatory requirement for employers to contribute to your Superannuation, commonly known as Superannuation Guarantee Contributions. However, it was not carefully thought through and Australian’s ended up with multiple Super Funds.
This may seem like an insignificant detail, this has allowed Australians to lose over $20,0000,000,000 worth of Superannuation to lost super funds.
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