Maitland residents who live in areas with the 2320 and 2323 postcodes, have $37.3 million in lost or unclaimed superannuation according to the Australian Tax Office (ATO).
The ATO has recently released fresh data detailing the amount of lost or unclaimed superannuation by postcode.
Under new legislation the ATO is trying to connect Australians with missing parts of their retirement nest eggs that remain unclaimed after a change of job, a stint working overseas or moving house.
Superannuation funds must report inactive and low balance accounts to the ATO, including accounts that have not received a contribution for 16 months with a balance below $6000.
At 30 June 2019, there was $20.8 billion in lost and unclaimed super across Australia.
In NSW, residents were missing out on $6 billion in superannuation
In the 2320 postcode, which encompasses Maitland, its western suburbs and Pokolbin, there are 3347 lost or unclaimed superannuation accounts with a total value of $20,849,722 million.
In the 2323 postcode, Maitland's eastern suburbs, there are a total of 2369 lost or unclaimed superannuation accounts with a total value of $16,585,160 million.
According to the ATO, addresses (including postcodes) are reported by superannuation funds over a number of years, so the postcode may not reflect where you currently reside and may include postcodes that are no longer valid. Invalid postcodes for lost super include those that are reported as overseas, unknown or unmatched.
According to Australian Super Finder, those who have ever changed employers or had a second employer, may have a lost super fund that still holds their money.
They can either go directly to the ATO to search for their funds, or hire a service that specialises in consolidating super.
Most people wait until retirement to access super, but it is crucial to regularly keep track of superannuation to manage the insurance, fees, and contributions.
Lost super refers to super in which the account owner cannot be contacted because the fund does not have their current address. Unclaimed super is super that can already be withdrawn, but the investment company or fund cannot locate or contact the member.