Stronger Super Peak Consultative Group chairman Paul Costello is slated to hand over the group’s report to Minister for Financial Services and Superannuation Bill Shorten today.
However, any government decision on automatic consolidation of retirement savings accounts will take time, a spokesman for Shorten’s office said.
“Is it an issue? It may very well be but we need to see the report before we decide that,” the Minister for Financial Services and Superannuation told InvestorDaily.
“If it is an issue, will we look at it? Yes, of course,” he said.
Asked when the Minister’s office would provide a response to the report, he said: “The government will respond in due course.”
The Association of Superannuation Funds of Australia (ASFA) has estimated the consolidation of retirement savings accounts that are not required will save approximately $250 million per year in fees.
According to ASFA, a total of 14 million Australians hold superannuation accounts with each person holding a little over two accounts each.
Late last month, Westpac Bank said it has opened its branch network to help re-connect Australians with so-called lost super.
The mountain of super investments that gets lost as people change employers or funds is estimated at $18.8 billion, according to a study released by Westpac.
