An easier way to reclaim your super

6 June 2013

Australians should take a greater interest in their super or face the very real risk of not achieving the retirement lifestyle they want and deserve, MLC’s Duncan West said today.

MLC’s Executive General Manager of Retail Wealth Products, Mr West said that to set up the kind of retirement many Australians aspired to, people needed to keep track of their super, reduce their super fees and actively find lost super.

“Recent Federal Government figures show that there is more than $17 billion in lost super and around 3.4 million lost super accounts, with an average value of $4,800 per super account,” Mr West said.

“This shows that too many people are not taking enough interest in their super and are paying more than they need to.”

Mr West said it was simple for people to take greater control of their super, with MLC making it even easier for customers to make a real difference to their financial future through its SuperMatch service.

“It’s not only important to track down any super that’s rightfully yours, it’s smart to consolidate your super into one account,” he said.

“This can help you save on fees, cut back on paperwork and take greater control of your retirement savings.”

Studies by Rice Warner and the Financial Services Council show most Australians are not on track to meet the retirement lifestyle they want. That task becomes even harder if people have super in several places, including the Australian Tax Office’s (ATO) lost super register.

“Our SuperMatch service makes it easy for customers to reclaim their lost super and consolidate multiple accounts,” Mr West said.

“Customers simply visit and give permission to use their tax file number to search the ATO’s database.

“Once we know the results, we will contact the customer to obtain permission to have their lost super transferred into their MLC account.

“It’s a simple way to get any lost super back and it’s proving very popular with our customers.

“Super is more than just accumulating savings during a person’s peak working years, which is why MLC is taking innovative steps to help clients better engage with their super from the start of the journey to the end.”

Media contacts

Kristen Allen
M: +61 (0) 412 759 753

Bill Kyriakopoulos
M: +61 (0) 467 812 664