Of the over 14 million Australians with money held in a superannuation fund, approximately 45% of these people have more than one super account, according to the Australian Taxation Office (ATO).
As at 31 December 2014, there were a total of just over six million accounts, either lost or ATO-held, with a total value of just under $16 billion. This however, decreased by over $800 million in the six months to 31 December 2014.
The accounts categorised as “lost uncontactable” and “lost inactive” representing $13.4 billion, are still held by superannuation funds, whereas unclaimed superannuation money and special superannuation holding accounts (SHAs) have been transferred to the ATO.
A SHA account is a holding account (that is not a trust fund or superannuation fund) designed to protect small superannuation amounts until they can be transferred into a superannuation fund or retirement savings account.