Minister for Revenue and Assistant Treasurer Senator Helen Coonan today launched the Unclaimed Super Recovery initiative, designed to reunite Australians with the almost $7 billion superannuation in accounts where the owner can not be found.
"Recovering unclaimed super can improve retirement incomes for millions of Australians by reuniting them with their superannuation savings, and helping them deposit it into an account where they are able to keep track of it," Senator Coonan.
"One in three working Australians, as many as 2.75 million people, have an average of $1500 invested in superannuation accounts that are for all intents and purposes lost. The superannuation funds managing these savings can no longer find the rightful owners.
"The purpose of this campaign is to put those people back in touch with their money, which will remain invested and continue to grow until they retire. This is employees money, their savings, and we need to do what we can to reunite them with it.
"The superannuation industry is working together with the Australian Taxation Office to provide this free service and I commend them for the initiative.
People wanting to search for unclaimed superannuation can do so through the ATO, or on the spot this weekend at selected shopping centres in Sydney, Melbourne, Brisbane, Perth and Adelaide.
Australians who can't make it to one of the shopping centre expos this weekend can simply call the special hotline - 1300 737 736 - 24 hours a day between now and November 30 or visit www.unclaimedsuper.com.au .
"For people who have changed their job, address or even their name in the last ten years, there is every chance they could have part of their retirement nest egg sitting in an unclaimed account," Senator Coonan said. "A trial in Tasmania this year found more then $400,000 for employees."
"The Unclaimed Super Recovery initiative makes it easy to track that money down, free."
Senator Coonan said the Government's twin policies of choice and portability, if passed by the Senate, would also have a significant impact on helping Australians take control of their superannuation.
"As well as helping people find super that is already lost, the Government wants to help ensure Australians can take a more active role in managing their superannuation in the future by actually letting them choose where to invest and to consolidate their savings into one account if they please," Senator Coonan said.