Far too many Australians are out of touch with their superannuation and need to get back together with it, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA says your relationship with your super should be of utmost importance because super will see you through to a more comfortable and dignified retirement.
Without super, many Australians face an uncertain future. Reliance on the age pension commits people to a life near the poverty level. Super is helping lift people out of poverty in retirement.
Staying the distance with your super is important. Don’t leave it behind. Keep up with it, invest in it and grow your super to give you greater freedom.
ASFA CEO Martin Fahy said the latest Australian Taxation Office (ATO) figures show more than 5.7 million lost and ATO held accounts worth more than $14 billion.
“Lost uncontactable and lost inactive accounts are still held by super funds but unclaimed super money is held by the ATO,” he said.
“ASFA encourages Australians to go to MyGov, call the ATO on 13 10 20 or talk to their fund to get help reuniting with their super.”
There is $2.5 billion in accounts sitting with the ATO and those funds are not delivering the investment returns they would be, if they were in super. Insurance cover is also lost when the ATO takes your super.
“Giving super back to get you in the black would be a great idea for government,” Dr Fahy said.
“Imagine the delight of thousands of hard working Australians if the ATO reunited them with their unclaimed super and actually transferred it into their active account.”
Dr Fahy said removing the $450 threshold for the Superannuation Guarantee (SG) would also help lift retirement outcomes for many Australians.
“Many of the very people who need super are not getting it because of this antiquated threshold,” he said.
“The magic of compound interest and investment earnings in super is being denied to primarily young people and women.”
Dr Fahy said the ASFA and Money magazine Super Booster Day campaign is currently encouraging people to make additional payments into their super.
Visit www.superboosterday.com.au before 15 September 2017 for more details and a chance to win 5 x $1000 prizes. All you need to do is describe your dream retirement in 25 words or less.
For further information, please contact:
Teresa Mullan, Media Manager, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.