Returning lost superannuation benefits people not only in retirement but also those who may have suffered a serious illness or injury, according to Maurice Blackburn Lawyers.
The law firm said lost super and underpaid super remained key issues that affected many Australians.
Maurice Blackburn principal, Kim Shaw, said: "Unlike regular super accounts, no death or disability insurance cover is provided in lost super, which means members and their families cannot claim if they die or cease work due to injury or sickness".
"We have acted for many people who have discovered that they are unable to claim only after their account balances have been transferred into lost super," she said.
Shaw noted that it was important that lost super was returned to an active super account and not just any super account as many inactive accounts had their balances eaten up in fees.
"Therefore, we also call on any federal legislation introduced to address these issues to ensure that active accounts are prioritised for the distribution of lost super," Shaw said.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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