AUSTRALIA - One in two people in Australia has a lost super account, according to new figures.
Options to be discussed include a proposal to "auto roll" together lost accounts into a member's last active account using the Tax File Number system, to remove red tape and complexity.
Senator Sherry stated: "The current system of 'rolling together' is too complex and costly Ð finding the fund, form filling, and providing necessary identification."
He continued: "I am extremely concerned the 2007 Australian Tax Office (ATO) Annual Report has shown lost superannuation has blown out from A$9.7bn in 2005-06 to $11.9bn in 2006-07 - this is a shocking $2.2bn increase in one year."
This increase is after an extensive ATO mail-out of 3 million letters over two years, removing $2.73bn from the register.
The number of lost accounts also increased significantly from 5.7 million to 6.1 million over the same period - 400,000 extra accounts lost in one year.
Senator Sherry has also laid out further plans for superannuation, which include: choice of default fund, a central clearing house for employers and a simpler disclosure regime for financial services in general. He is also expected to launch a medium term savings vehicle to be used for a mortgage deposit.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.