Porepunkah super loss
River community tops lost and unclaimed superannuation tally
ALPINE Shire current and former residents are missing almost $7.2 million in lost or unclaimed superannuation.
One hundred and forty people from Porepunkah are each missing an average sum of $7203 among 1557 residents who live or once lived in the shire and who have been identified as owners of the stray dollars.
Another 110 who last had a Dinner Plain address are missing an average of $5490 and in Bright and Harrietville 365 account holders have lost or unclaimed superannuation amounting to an average of $ 5433 in accounts held by superannuation funds or the Australian Taxation Office.
In Tawonga South 83 people are missing an average of $4275, in Mount Beauty 173 have become separated from an average of $3428 and in Wandiligong 43 are missing an average of $2228.
The tallies of the missing retirement savings and the postcodes of affected account holders have been disclosed by the ATO in an attempt by the federal government to encourage people to claim the funds.
The ATO last week revealed that Australian superannuation funds currently hold $14.12 billion in lost superannuation and the ATO itself holds an additional $3.75b in what it defines as ‘unclaimed’ superannuation.
The term ‘lost’ is applied to superannuation accounts for which the managing fund has no contact with the fund member.
Lost superannuation accounts and the sum in each of them are transferred by law from a superannuation fund to the ATO after a period and then considered ‘unclaimed’.
The latter move – where the fund has been unable to trace the member or the member’s account has not received contributions for five years –takes place to protect the accumulated savings from ongoing superannuation fund administration fees.
ATO assistant commissioner Debbie Rawlings said the easiest way for people to keep track of their superannuation, find lost or unclaimed superannuation, of combine superannuation accounts was by using ATO on-line services through the Commonwealth’s myGov website.
“Over the past four financial years we’ve reunited 1.68m accounts worth $8.12b with the account owners – and there’s plenty more to be found,” she said.
“By using myGov to track down your superannuation, the money will be transferred to your preferred fund, generally within three working days.”
The ATO said people could lose contact with fund managers when they changed jobs, moved house or failed to update personal contact details with their fund.
Its data showed that almost 2.3m Australians still had three or more superannuation accounts.
It also showed that Melbourne’s outer suburbs of Werribee, Cranbourne, Hoppers Crossing and Frankston and the eastern suburb of Glen Waverley were the postcodes with Victoria’s highest sums of lost or unclaimed superannuation.
But the tallies for Alpine communities near match these localities’ sums.
Almost 4770 Glen Waverley current and former residents are missing an average of $7904, while that missing from Porepunkah account holders is just shy of the top city average.
The ATO figures show 28 Eu- robin account holders are each missing an average of $10,644, 37 Ovens people $5627, 75 Whorouly people $4311, and 503 Myrtleford people $3386.
The numbers also show that the sum of lost superannuation in Alpine Shire has reached $6,043,829, owned by 271 account holders – while the sum of unclaimed superannuation is $1,127,719, owned by 1286 current or former residents.