$1 billion of lost super to be reunited

Around $1 billion of unclaimed superannuation will have been received by Australians by the end of the year, according to the Association of Superannuation Funds of Australia (ASFA).

ASFA said it estimated that 700,000 Australians stood to receive a payment as a result of the latest round of consolidation of lost and small inactive super account balances.

ASFA deputy chief executive, Glen McCrea, said: “The amount of money to be transferred back into people’s super accounts will vary from small amounts up to thousands of dollars. We estimate that the average amount will be around $1,600.

“Last year the Australian Taxation Office [ATO] transferred a number of large unclaimed super payments, including $600,000 to a woman aged over 65 who had recently lost her house in a fire, and to a retired man who received a payment of $120,000.”

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The association said inactive super accounts with less than $6,000 would see that balance automatically transferred into the member’s current active super account.

If the balance was less than $200 it would be sent to their bank account, and if the person was aged over 65 and the ATO had correct details the cash would be sent to their bank account regardless of the amount.