Over $860 million in lost and forgotten superannuation was consolidated in the last quarter of 2018, as over 66,000 Australians made claims through myGov and the Australian Taxation Office (ATO).
At the same time as saying he was pleased that so many Australian had actively sought out their lost super, Federal Assistant Treasurer Stuart Robert called on the Labor Party to support the Coalition’s superannuation reforms.
“The Government’s reforms cap low balance fees at three per cent, ban exit fees, provide greater choice of funds as well as closing a loophole allowing employers to reduce their superannuation guarantee payments for people who salary sacrifice,” Robert said.
“Importantly, the reforms will also allow the ATO to proactively reunite people with their lost and unclaimed super where the combined balance exceeds $6,000.”
There was still over $17.5 billion in lost and unclaimed superannuation remaining.
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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