More Australians are being reunited with their superannuation with the total amount of lost super now $17.4 billion, a 14 per cent fall from the previously reported total of $20.2 billion.[i]
Minister for Financial Services and Superannuation, Bill Shorten said the lost super figures released today were a step in the right direction and demonstrated that the Government's initiatives to reform the super system were making an impact.
"The number of lost member accounts fell from 5 million to 3.6 million – a reduction of 28 per cent[ii]," Mr Shorten said.
"The average value of a lost super account is around $4,800. Some of these accounts are inactive and owners could consider consolidating them to make the most of their retirement savings and avoid paying unwanted fees.
"The best way for people to avoid losing super is to ensure that their super fund has their tax file number.
"At the same time, the Government is making it easier for Australians to be reunited with their lost super so they can make the most of their savings for the future.
"Recent enhancements to the online tool SuperSeeker make it much easier for people to keep track of their super. By logging into a secure system people can see details of their active accounts, as well as any lost super and super that the Australian Taxation Office holds on their behalf.
"The process for consolidating lost super has also been improved with a simple online form that can be accessed through SuperSeeker.
Beginning this week the Gillard Government is also improving the super system with an up to $500 boost to the superannuation savings of around 3.6 million Australians, including 2.1 million women, who earn up to $37,000.
"The super guarantee rate is also increasing to 12 percent every year from 1 July 2013 to 1 July 2019 progressively and the upper age limit for guarantee is being removed."
For more information visit the ATO website.
[i] Lost superannuation is $17.4 billion as of 31 December 2011
[ii] Data measures the change in lost super accounts from October 2011 to December 2011.