A CAMPAIGN by the Australian Preservation Fund (APF) to track lost members has met with considerable success.
APF executive officer David Haynes says the initiative helped the APF locate 150,000 lost members and get over $24 million transferred back into active accounts.
The APF first ran its database against that of an organisation containing the details of most Australians that are credit active, have made insurance claims, use a utility or are listed on a publicly available record. After 47.6 per cent of the APF’s members were matched, the APF database was updated with nearly 150,000 new addresses and a further 20,000 lost members’ addresses confirmed as correct.
The APF also matched its database against the Australian Taxation Office’s Lost Members Register, the Superannuation Account Holding Register and unredeemed SG vouchers. After contacting 9,000 members, $2.5 million was credited to members for unredeemed vouchers.
In addition, the APF compared its records with that of seven industry funds, including CBUS, STA and ARF.
As a result, nearly 56,000 APF members with account balances of over $24 million were transferred to active accounts in these participating funds.
The APF will run another cross-matching exercise, to be completed in June.
