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Funds roll over ahead of auto-consolidation
AMP has returned $4.8 million to members following its Lost Super campaign.
The company returned $12,000 on average per customer after contacting 17,000 members with 23,000 accounts in the first tranche of the campaign.
The push follows the success of similar industry actions.
AustralianSuper's Lost Super Rollin campaign, which ran from October 2011 to April 2012, saw 12,000 lost super accounts totalling $67 million rolled into the fund. About 8,000 members received an average of $5,674 per member.
In June, Westpac launched its Lost Super Search. It released a survey that showed 46.1 per cent of Australians may have lost part of their super and although 15.8 per cent knew it, they were not actively tracking it down.
Westpac said there were 5.8 million lost super accounts holding approximately $17.4 billion in lost super nationwide. The federal Government has estimated the average value of a member's lost super to be around $4,800.
The industry appears to be moving ahead of the Federal Government's auto consolidation requirements for all lost super accounts to be rolled over into MySuper default options. It will be supported by the Australian Taxation Office (ATO) beginning in January 2014.
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