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Lost Super Facts

LOST SUPER FACTS

  • There is $5.4 billion sitting in lost or inactive superannuation accounts
  • Super funds are cashing in on our apathy by charging excessive fees to store unclaimed super.
  • Half the super funds holding unclaimed money are not looking for their lost account holders.
  • 25% of unclaimed super is being stored, free of charge, by the Australian Taxation Office, generating interest for the ATO.
  • 15% of all superannuation accounts (6.16 million accounts) are deemed inactive or lost.

Referenced Article: “Apathy Costing $130 Million, superannuation funds fee”