Lost super deadline
Australia’s first industry superannuation fund, LUCRF Super, is urging every superannuation fund member in Australia to check whether they have any “inactive” super accounts that are being drained of funds.
LUCRF Super CEO Charlie Donnelly said:
“Funds in inactive low-balance superannuation accounts that haven’t been matched with their owner by the end of this month will be surrendered to the Australian Tax Office.
“It is important that superannuation members and funds check for any inactive accounts so that members’ hard-earned money can be transferred into their active super account and continue to grow in preparation for people’s retirement needs.”
“LUCRF Super has been very proactive in finding inactive or ‘zombie’ accounts and matching them with their owners.”
“Since May we have matched 3994 accounts with their owners and found approximately $5.94 million. We’re urging all other superannuation funds and members to urgently do similar work.”
“We have only a matter of days before the money in ‘unmatched’ super accounts goes to the ATO.
“Once that money is in the hands of the ATO, there is a whole process involved in members getting back the funds that they have worked so hard for and will need in their retirement.”
“No matter how simple the ATO makes that process, there will always be superannuation members who will struggle with the system, whether due to language or educational barriers, or simply even being unaware that they are owed money from an inactive account.”
“LUCRF Super urges every superannuation fund, as a matter of urgency, to work with Industry Fund Services (IFS) to match any inactive accounts to their owners’ active accounts.”
The deadline for unmatched super funds going to the ATO is 31 October.
Last week, Shane Sellens received a letter from LUCRF Super to confirm that he’d received a rollover amount of $19,000 from an inactive super fund.
Shane had worked as a high lift forklift operator over the years and in that time, his superannuation had been going into several funds.
Nine-years ago, he began working in a distribution warehouse, becoming a LUCRF Super member after one of their on-site representatives came out to talk to the workers. He’s remained with the fund ever since.
“I’ve had my superannuation with LUCRF Super for over nine years now, but I’ve always known I had other super floating about.”
“So when I got the letter from LUCRF Super telling me I had more money to put towards my retirement, it’s fair to say I was pretty happy.”
“But more than that, I’m pleased to be a member of a super fund that obviously has my best interests at heart.”
“This is money that I earned over a long period of years and it won’t be getting eaten up by paying twice for insurance premiums and fees,” said Shane. “It’ll l be a big help towards my retirement.”