Billions in idle super funds to be claimed by government

Monday 18 October 2010

Article by Mozo

The federal government is set to claim billions of dollars from inactive or lost superannuation accounts over the coming years, it has been revealed.

Under legislation that comes into effect from this month, funds in inactive super accounts can be transferred into consolidated revenue, with the government expected to claim about $10 billion from such accounts over the next five years, the Daily Telegraph reported.

Speaking to the newspaper, FindMySuper managing director Russell Medcraft noted that there are currently more than 34 million superannuation accounts, held by only 10.5 million working Australians.

"This means there are now more than three accounts per person," he said.

He claimed that many people are too lazy to chase accounts accumulated through different forms of work over the years.

Aussies looking for more reliable investment options could choose to compare term deposits in search of the best returns. As the Daily Telegraph observed, super funds are regarded as inactive when they have received no contributions or had any money rolled into them for more than five years.

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