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How to find billions in lost super.



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SENATOR NICK SHERRY SHADOW MINISTER FOR RETIREMENT INCOMES AND SAVINGS, CONSUMER AFFAIRS

MEDIA RELEASE 24 October 2002

How to find billions in lost super

I congratulate major superannuation funds and the Australian Taxation Office for their campaign to help Australians find their lost retirement benefits launched today.

Millions of Australians may miss out on additional retirement benefits if $6.8 billion in lost super is not claimed.

The average lost account balance is $1,500. Invested over 30 years this would be worth almost $6,000 in today’s dollars.

I encourage those who think they may have lost superannuation to use this opportunity to locate and consolidate their accounts by visiting one of the selected shopping centres expos this weekend.

Alternatively, I encourage people to call 1300 737 736 or access the website www.unclaimedsuper.com.au where they will receive information about accessing their hard-earned superannuation savings.

The Labor Party has outlined two additional options that should be considered that will largely resolve this problem for good1:

! Banning exit and entry fees that act as a barrier to consolidating accounts;

! Automatic consolidation of old or “lost” accounts into a fund member’s current account unless they chose otherwise.

Consolidation of lost accounts will cut the administration costs that are debited against these accounts and erode super savings. It will minimise unclaimed and lost monies.

For more information or comment please contact: Senator Nick Sherry 0418 482807 or Amber Saggers (02) 6277 3128 or 0411 103961

1 Policy Paper A: Broader Choice, Stronger Protection and Fairer Tax, available at: www.alp.org.au/media/0802/20001726.html