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Aussies reunited with $1bn in lost super

Around $1 billion worth of lost and unclaimed superannuation has been reunited with its rightful owners.

The Association of Superannuation Funds (ASFA) estimates 700,000 Australians will receive lost super after super funds have sent  ATO's latest consolidating lost and inactive account balances.

People with inactive super accounts with balances of less than $6,000 will see the balance transferred into their active super account.

But if the balance is less than $200 the sum will transfer to their bank account and if the person is over 65 years old it will be sent to their bank account regardless of the balance.

Those with lost super are missing out on the investment returns as the ATO simply pays interest at the rate of inflation.

ASFA deputy chief executive Glen McCrea said the money could vary from small sums to thousands of dollars but the average will be about $1600.

"Last year the ATO transferred a number of large unclaimed super payments, including $600,000 to a woman aged over 65 who had recently lost her house in a fire, and to a retired man who received a payment of $120,000," he said.

The last figures from the ATO in 2019 estimated there is around $17.5 billion in lost and unclaimed super outstanding.

Read more: ATOASFAGlen McCrea
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