It remains difficult to reunite people with their lost superannuation accounts, according to major eligible rollover fund AUSfund.
AUSfund this week pointed to Australian Taxation Office data revealing that around $9.7 billion in unclaimed superannuation resides in Australian superannuation funds.
According to AUSfund, most of the unclaimed superannuation resides in the accounts of young workers who have changed jobs or cities, but there are also millions of dollars in the accounts of older Australians who thought they were not entitled to superannuation payments.
According to AUSfund’s Rex Hewett, the big eligible rollover fund seeks to reunite people with their lost superannuation utilising electoral roles and other sources, and while the amounts involved are small they are much appreciated by people who are reliant on the age pension.
Manager of AUSfund Matthew McCrory said many of its members are unaware of the money they unknowingly have invested with the fund.
Out of the 1.1 to 1.2 million statements it sends out annually, he estimates only between 60,000 and 70,000 receive a response.
“It’s very disheartening that we don’t get a lot more people writing back.
“We do our damnedest to try and convince people not to let their money be sent to State Revenue … we hate sending money to the unclaimed money section of State Revenue,” McCrory said.
Funds that are transferred to AUSfund are invested in a standard balanced style portfolio that consists of 70 per cent growth assets and 30 per cent defensive, which delivered a 13 per cent member return last year.
