With more than $13 billion in unclaimed super looking for a home, Australians are losing out.
Managers of unclaimed superannuation sitting in Eligible Rollover Funds can make $2million in fees, based on $13 billion remaining in ERFs. Despite increased media coverage to highlight the issue of unclaimed superannuation, the amount continues to grow year-on-year.
Calls are being made for the Government to better regulate this sector, by passing the responsibility of managing unclaimed superannuation to the ATO, or capping fee rates on ERFs. Realistically, many members of ERFs do not exist however, the money could be put to public use until claimed, rather than being wasted on fees.
Anyone who thinks they may have unclaimed superannuation should contact the ATO as a preliminary step. An amount found under $200 may be available to be taken out of the fund tax-free. Call the ATO on 13 28 65 or use their SuperSeeker search tool.
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