The level of lost superannuation assets and lost member accounts in the Australian superannuation system increased in the 2007-08 financial year.
The Lost Members Register increased from $11.9 billion in superannuation assets on 30 June 2007 to $12.9 billion on 30 June 2008, an increase of 8.4 per cent.
The total number of lost member superannuation accounts rose by 315,325 or 5.2 per cent, from 6.1 million accounts on 30 June 2007 to 6.4 million accounts at 30 June 2008.
The Superannuation (Unclaimed Money and Lost Members) Act 1999 requires super funds to report to the ATO twice a year on the details of member accounts that meet the definition of lost member. The information is retained in a register of accounts called the Lost Members Register.
From press release no.66 Minister for Superannuation & Corporate Law