Record amount of super returned
A record breaking $39.3 million in lost and unclaimed superannuation has been returned to over 102,000 members this year through the AUSfund Cross Fund Matching service.
AUSfund manager Warren Fawcett said multiple accounts and multiple fees could considerably reduce a member’s retirement savings.
“AUSfund’s single objective is to return lost super to a member’s active account,” he said.
“We regularly cross check fund data with our member register. When a match is found, their AUSfund account is automatically rolled over into the member’s active fund.”
Fawcett said AUSfund also conducted an Address Matching service, which seeks to establish the most current address for lost members with the intention of updating their contact details for participating funds.
“In 2008, this biannual exercise produced almost 250,000 new addresses,” he said.
“We intend to increase our activity levels during 2008, including [Australian Taxation Office] matching and online education and awareness initiatives.”
AUTHOR
George Liondis
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