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  • Protecting your super package has reunited Australians with $1.8 billion

    The Protecting Your Superannuation (PYS) package introduced a number of initiatives to protect individuals’ retirement savings. PYS has allowed us to proactively reunite more than $1.8 billion of ATO-held unclaimed super money, including inactive low-balance accounts into individuals' active super accounts from 1 November 2019.

    As at 21 November 2019, we have:

    • received over 2.3 million inactive low-balance accounts from super providers, valued at approximately $2.16 billion
    • reunited 1.1 million accounts, worth $1.8 billion to eligible active super accounts
    • made 456,000 payments directly into individuals' financial institution accounts, worth $274 million

    Note: Updated figures can be found in the joint Media releaseExternal Link issued by Senator The Hon Jane Hume and Treasurer The Hon Josh Frydenberg MP 13 December.

    The value of the PYS initiative was demonstrated in the case of a 53 year old woman who had four accounts totalling $260,000; the largest account of $143,000 hadn't received contributions for many years and was transferred to us as unclaimed super in 2017. In November 2019, we proactively rolled the $143,000 into the woman's active account. To say she was very pleased to be reunited with her money and to see her super balance almost double is probably an understatement.

    We've undertaken additional unclaimed super money (USM) aggregation runs throughout November and December to ensure all eligible rollovers to individuals' active accounts are processed. In the New Year, we'll move to business as usual with USM aggregation to occur fortnightly. Administrators and funds can stay informed about our USM remittances processing schedule by visiting Super processing schedules on ato.gov.au.

    We've learnt a number of lessons in this most recent USM reporting and payment cycle and will be sharing this information with administrators and funds to ensure an even better experience in the next USM reporting and payment period.

    See also:

      Last modified: 16 Dec 2019QC 61005