POWERED BY MOMENTUM MEDIA
$1 billion of lost super to be reunited
Around $1 billion of unclaimed superannuation will have been received by Australians by the end of the year, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA said it estimated that 700,000 Australians stood to receive a payment as a result of the latest round of consolidation of lost and small inactive super account balances.
ASFA deputy chief executive, Glen McCrea, said: “The amount of money to be transferred back into people’s super accounts will vary from small amounts up to thousands of dollars. We estimate that the average amount will be around $1,600.
“Last year the Australian Taxation Office [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.”
The association said inactive super accounts with less than $6,000 would see that balance automatically transferred into the member’s current active super account.
If the balance was less than $200 it would be sent to their bank account, and if the person was aged over 65 and the ATO had correct details the cash would be sent to their bank account regardless of the amount.
Recommended for you
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.63 3 y p.a(%)
3
Fidante Credit Suisse Global Private Equity
32.16 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
5
Plato Global Alpha A
27.76 3 y p.a(%)
