Fees excessive for lost super
"Lost" superannuation accounts increased by 12 per cent or 660,000 to bring the total to around 5.9 million research by SuperRatings shows. Lost super emerges when someone changes employers and neglects to consolidate super accounts.
Lost super ends up in designated retirement funds after a period of inactivity. In theory these funds are low cost but SuperRatings argues the fees are excessive at an average of 2.25 per cent (though average balances may be low). The Australian Taxation Office requires super funds with balances of $200 or less to transfer the funds to the ATO.
Source: The Australian