The discussion paper, Lost and unclaimed superannuation money, outlined strategies already implemented, including the account consolidation strategy.
They also include the SuperSeeker online portal (which has resulted in 324,000 people finding lost super between 1 July 2012 and 30 April 2013), proactive payments for lost amounts under $200 (totalling $27.3 million between June 2012 and 31 March 2013), and providing updated addresses of disconnected members to funds.
The paper also reiterated plans under Stronger Super to make it easier for new employees to select a super fund.
The paper asked for feedback on whether the existing and planned strategies are sufficient, or if they require further enhancement or additional strategies, as well as how the current proposed strategies can be best phased into the broad reform agenda.
The paper also asked if existing strategies are “adequately integrated and do they work in harmony to achieve the government’s policy goal of ensuring that all Australians have an adequate and secure retirement income?”
