AustralianSuper finds lost super, initiates rollover
AustralianSuper has found more than $1 billion in lost super for its members and has initiated the rollover process, the super fund has announced.
This year's matching exercise with the Australian Taxation Office's Lost Super Register found nearly 400,000 AustralianSuper members currently have super held in other funds.
The amount of lost or unclaimed super has now topped $18 billion nationwide, according to data released by the ATO.
While benefits for the members include fee savings and having more money in their super fund, the rollover exercise could also mean a potential $1 billion more under management for AustralianSuper.
AustralianSuper had already sent notifications to its members about their lost super, which include rollover forms.
"Considering the amount of people's money at stake, this is a relatively painless and easy process and one everyone should spend just a few minutes on," Ian Silk said.
AUTHOR
Milana Pokrajac
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