AUSTRALIA - Five million superannuation accounts are still lost despite efforts from the Australian Tax Office (ATO), according to new figures.
In a special edition of the Insight publication from the Australian Prudential Regulation Authority(APRA) 'Celebrating 10 years of superannuation data collection 1996-2006', it noted that approximately five million superannuation accounts belong to members with whom the trustee has lost contact.
The report said: “It is worth emphasising that despite significant efforts by many trustees and the ATO, there are still many millions of lost or small dormant superannuation accounts. Australians could help themselves create a better retirement income picture by ensuring that they are not among the millions with lost or sub-economic accounts scattered about in different funds.”
A lost members register, maintained by the ATO was established in 1999 to assist members in locating their accounts and consolidate their superannuation.
Superannuation funds are obliged to report lost members to the ATO on a regular basis.
The report also said total superannuation assets in Australia over the ten year period grew at an annual average rate of 14.3%, and almost quadrupled from A$245.3bn in June 1996 to $912.0bn in June 2006.
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