The wealth manager said that too many Australians are paying superannuation fees for multiple accounts, increasing the risk of them being unable to fund their retirement.
“It’s not only important to track down any super that’s rightfully yours, it’s smart to consolidate your super into one account,” MLC executive general manager of retail wealth products Duncan West said.
“This can help you save on fees, cut back on paperwork and take greater control of your retirement savings.”
Mr West said that retirement funding was a national problem, with many Australians not on track to meet the lifestyle they envision for retirement.
“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.”
MLC has released a new retail product to help consumers find their missing superannuation and further engage with their retirement savings.
SuperMatch was designed to help people take greater control of their super by actively finding their lost superannuation savings.
“Customers simply visit www.mlc.com.au/supermatch and give permission to use their tax file number to reach the ATO’s database,” Mr West said.
“Once we know the results, we will contact the customer to obtain permission to have their lost super transferred into their MLC account.”
