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”