ISA urges consumers to get super into shape

With duplicate account fees and insurance premiums eroding superannuation savings, consumers should consider getting their superannuation into shape now, according to Industry Super Australia (ISA).

ISA noted that figures released by the Productivity Commission saw duplicate account fees and insurance premiums cost superannuation savings over $2 billion, and the Australian Taxation Office (ATO) recorded $17.5 billion in lost superannuation.

ISA chief executive, Bernie Dean, said consumers should take early action to set their superannuation up for the future.

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“Consumers may consider consolidating multiple accounts; claiming lost superannuation; and choosing a fund that has out-performed over the long term,” said Dean. 

“They should also check they’re being paid the correct amount, as almost three million workers were short-changed their super in 2016.”

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Be careful when reporting statistics whilst using industry Jargon. Recently the ATO has been closing ""in-active"" super funds. They are not lost, as most super funds do have the client's correct and UTD contact details. Yes, the ATO has been pooling the super money as "Lost" super, but they were not ever lost, just inactive

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