A new electronic form will make it easier to connect account holders with 5.8 million lost super accounts worth more than $18.8 billion.
Bill Shorten, Minister for Superannuation, today announced the Australian Taxation Office (ATO) will further develop the electronic form for lost superannuation accounts to make consolidating lost super even easier.
"$18.8 billion in lost super is a waste of money that people could be investing for a better future," Mr Shorten said.
"This initiative complements the significant reforms we are making over the next four years to transform our superannuation system and help Australians save for a comfortable retirement."
"We expect 8.4 million Australians to receive an increase in their retirement incomes as a result of the rise in the Superannuation Guarantee to 12 per cent. Approximately 3.5 million Australians will benefit from the Low Income Earner's Government Contribution, and workers nearing retirement may benefit from higher concessional contributions caps and superannuation contributions up to age 75."
The current process for consolidating lost super is cumbersome as it requires fund members to post certified copies of their ID to their fund once they have located the lost super.
The new process will enable members to visit the ATO website, fill in a simple form and click a button to consolidate their super. The ATO will apply a verification process using data supplied by the member. This should make it simpler and easier for people to claim their lost super and funds can streamline the actioning of these requests.
The Government has released draft legislation allowing the ATO to administer the electronic portability form for public consultation.
The draft legislation is available on the Treasury website. Consultations will close on 13 October 2011.
People can check whether they have lost super by visiting the ATO website www.ato.gov.au/superseeker.