Multiple super accounts cost $2.6bn a year

Original article by Michael Roddan
The Australian – Page: 7 : 25-Oct-19

Superannuation fund members pay a combined $32bn in fees each year, including some $2.6bn in fees on lost and forgotten super accounts. Data from the Australian Taxation Office highlights the issue of multiple super accounts; some 23 per cent of the nation’s 16 million workers have two super accounts, while eight per cent have three and one per cent have six or more super accounts. The ATO also notes that more Australians have opted to consolidate their super accounts over the last five years.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY

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