The Association of Superannuation Funds of Australia (ASFA) is continuing its lobbying around Australia’s $3.75 billion in unclaimed super, calling again on the Government to make legislative changes to enable the Commissioner of Taxation to distribute it into active super accounts.
ASFA chief policy officer, Glen McCrea said ASFA would champion the option to amend the Superannuation (Unclaimed Money and Lost Members) Act 1999 for the Commissioner of Taxation to pay unclaimed money to an individual’s current account.
“One way to greatly improve the system is to have the ATO [Australian Taxation Office], which has the details of the active superannuation accounts for most individuals with unclaimed super, to return unclaimed funds currently captured by legislated threshold transfers,” he said.
McCrea said the active repatriation of account held by the ATO should be a favourable option, given its consistency with the Government’s policy objective to reduce unnecessary super.
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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