The Government has announced a new electronic form to connect superannuation members with 5.8 million lost super accounts.
The new process will replace the current system of members having to post certified copies of their identification to their fund once they have located a lost super account, stated Minister for Financial Services and Superannuation Bill Shorten.
According to Shorten, super account members will soon have the ability to visit the Australian Taxation Office (ATO) website to fill in a simple form to consolidate their super accounts. He said the ATO would apply a verification process using data supplied by the member, and this should make it easier for people to claim their lost super and streamline the actioning of these requests.
"$18.8 billion in lost super is a waste of money that people could be investing for a better future," 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."
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 and consultations will close on 13 October 2011.
