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.
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The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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