AUSTRALIA - The government has put back the date superannuation unclaimed by temporary foreign workers will be transferred to its coffers or a separate super fund.
Nick Sherry, minister for superannuation and corporate law, said: "The measure is not inconsistent with the way Australians who work overseas are treated on their permanent return to Australia, where in many cases they can't access compulsory social security or employer pension contributions made in that overseas country.''
The minister said many temporary residents failed to claim their superannuation when they permanently left the country.
"As a result, a significant amount of temporary residents' super ends up as part of the nation's 6 million lost super accounts totalling about AUS$12bn," Sherry concluded.
Temporary residents would have five years after their departure to reclaim any accrued amounts. Those who become permanent residents would have the opportunity to transfer the money back to a fund of their choice with interest.
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.