The Federal Government released figures which show that $2.8 billion in lost super has been reclaimed. The figures now estimate the total amount of lost super is now $17.4 billion, a 14 per cent fall from the previously reported $20.2 billion.

 

Minister for Financial Services and Superannuation, Bill Shorten, said the figures show the Government is on the right track in reforming the super system.

 

"The number of lost member accounts fell from 5 million to 3.6 million – a reduction of 28 per cent," Mr Shorten said.

 

"The average value of a lost super account is around $4,800. Some of these accounts are inactive and owners could consider consolidating them to make the most of their retirement savings and avoid paying unwanted fees. 

 

"The best way for people to avoid losing super is to ensure that their super fund has their tax file number."