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  • Lost and ATO-held superannuation

    The number of lost superannuation accounts decreased by 26.5% in 2012–13, while the total value of lost superannuation remained steady at $16.8 billion.

    The number of ATO-held accounts, which includes unclaimed superannuation accounts and superannuation holding accounts, increased due to legislative changes to unclaimed superannuation (effective from 31 December 2012). The changes included increasing the threshold for inactive accounts and uncontactable members from $200 to $2,000 and reducing the period of inactivity from five years to 12 months. As a result, we now have 730,000 more unclaimed accounts than at 30 June 2012 and the value of these accounts has increased by around $1.2 billion.

    Table 2.15 Value of lost and ATO-held superannuation accounts, 2008–09 to 2012–13
      2008–09
    $m
    2009–10
    $m
    2010–11
    $m
    2011–12
    $m
    2012–13
    $m

    Lost uncontactable accounts

    9,800

    12,200

    12,100

    9,000

    8,400

    Lost inactive accounts

    3,800

    6,600

    8,100

    7,800

    8,400

    Unclaimed accounts

    205

    393

    730

    897

    2,086

    Superannuation holding accounts

    136

    89

    79

    77

    72


    Table 2.16 Number of lost and ATO-held superannuation accounts, 2008–09 to 2012–13
      2008–09 2009–10 2010–11 2011–12 2012–13
      No. ('000) No. ('000) No. ('000) No. ('000) No. ('000)

    Lost uncontactable accounts

    3,800

    4,500

    3,500

    2,000

    1,400

    Lost inactive accounts

    1,000

    1,300

    1,500

    1,400

    1,100

    Unclaimed accounts

    353

    413

    2,300

    2,800

    3,570

    Superannuation holding accounts

    362

    193

    216

    213

    231

    To reunite people with their lost and ATO-held superannuation accounts our activities included:

    • social media and other marketing and communications activities which achieved claims for unclaimed superannuation money totalling $94.8 million, an increase of $5.9 million compared to 2011–12. Departing Australia superannuation payments (both fund and ATO-held) claims were $194.3 million, up from $178.7 million in 2011–12, an increase of 8.7%.
    • enabling people through SuperSeeker, to view and request the transfer of their superannuation resulting in
      • over 1.3 million searches, of which around 390,000 successfully identified nearly $1.9 billion in superannuation accounts
      • actioning around 39,000 electronic-portability forms and just over 16,000 paper-portability forms to consolidate accounts or transfer ATO-held monies to superannuation funds
       
    • matching over one million TFNs to lost and unclaimed accounts, and displaying these accounts on SuperSeeker
    • providing updated information on nearly 945,000 members to superannuation funds and almost 16,000 superannuation holding accounts held by the ATO worth $12.6 million were transferred into members' accounts held by superannuation funds
    • over 610,000 payments valued at $44.5 million to members of unclaimed superannuation money accounts valued at less than $200.
      Last modified: 17 Nov 2014QC 42723