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
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
