AUSTRALIA - Senator Nick Sherry, minister for superannuation and corporate law, has urged Australians to find lost superannuation accounts.
The amount of lost super increased from A$11.9bn (US$8.4bn) in superannuation assets on 30 June 2007 to A$12.9bn (US$9.1bn) on 30 June 2008, an increase of 8.4%.
Sherry said: "Having multiple super fund accounts means paying higher fees which can reduce a superannuation benefit significantly - people should use the New Year to resolve to find and consolidate their lost money.
"Having money sitting in three, four or more places means your retirement income gets eaten away by multiple, often high, fees and charges, and that's not in your interest."
The Rudd Government has also released a plan to consolidate lost accounts automatically using people's tax file numbers, but with an opt-out for those who do not wish to participate.
Sherry added: "Using tax file numbers to re-unite people with their lost super would be a more efficient and cost effective way to solve the problem. The government has released a consultation paper asking the industry for ideas on how this can best be done."
He concluded he would advocate for the government to develop a system that automatically consolidates people's lost accounts, but with an opt-out for those who choose not to take part.
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