Geelong’s super millions go unclaimed

Geelong workers are missing out on more than $130 million in 14,000 lost superannuation accounts.

Australian Tax Office figures show Geelong, Bellarine Peninsula and Surf Coast postcodes are home to the unclaimed $131 million.

They are part of more than six million lost super accounts in Australia with a total value of over $18 billion.

In Victoria alone, more than $3.5 billion dollars in lost super is spread over 410,000 accounts with an average of nearly $8600 per account.

The 3216 postcode for Belmont, Highton Waurn Ponds and Grovedale alone has $28.8 million in missing super across 2830 accounts with an average balance of $10,198.

The 3227 postcode for Barwon Heads has the highest average balance of $11,493 in 268 account totalling $3,080,159.

The ATO says the most common reasons for losing track of super includes change of name, address or job.

Having several super accounts could mean that fees and charges are reducing the overall super investment, the ATO said.