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”