Great news! The government has passed legislation that will reunite Australians with more of their lost superannuation. Read More Below....
The Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 requires that accounts transferred from Eligible Rollover Funds (‘ERFs’) to the ATO will, where possible, be proactively reunited with a members superannuation account, or directly with the individual where eligible, within 28 days.
This will remove large numbers of duplicate superannuation accounts from the system, which should receive duplicate fees and ensure Australians end up with higher balances.
ERFs were intended to act as a temporary measure for the benefit of the members who had lost their superannuation accounts but, in practice, members money languished in ERFs for years.
These improvements complement the Governments Protecting Your Superannuation reforms, which have been the ATO proactively consolidate $3.7 Billion held in unintended multiple accounts on behalf of almost 2 million people.