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.
“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.”