Intrust Super tackles $18 billion in lost accounts

Intrust Super believes it has launched an Australian-first super consolidation tool that will help to clear up the $18 billion in lost superannuation money that is slashing the future retirement income of many Australians.

In a step that is likely to be followed by other super funds, Intrust Super has developed the online tool to help our members find their lost super and then consolidate all of their accounts in one easy online step.

This replaces the existing industry-wide practice where fund members must search for funds using one system and then laboriously fill out different forms for each account. You can access the tool here.

Chief Executive Officer Brendan O'Farrell said he believed the tool was the first of its kind in the industry and would clear away a key roadblock that was stopping many Australians from consolidating their accounts.

"Like a huge number of Australians, many of our members have multiple super accounts, usually because they've changed jobs and have forgotten about their old accounts or have put consolidating them in the too hard basket," Mr O'Farrell said.

"This is a major problem because it may increase their fees and ultimately reduces the amount they have to retire on. Thankfully, the new system has the potential to make a major dent in this problem by making it much easier to consolidate."

A Westpac national survey in June 2011 found that 46 per cent of Australian super fund members had lost superannuation money, totalling approximately $18.8 billion. It found that almost 16 per cent of people with unclaimed super knew they had the money in these accounts but felt it was too much hassle to track it down.

Mr O'Farrell said that Intrust Super had set out to develop the new system after feedback from members that consolidating their super was too difficult.

 "We set out to develop an online tool that would simplify this process, by ensuring that, instead of filling out multiple forms, members could enter their details once, no matter how many funds they wanted to transfer in," Mr O'Farrell said.

Mr O'Farrell said the tool was just the latest example of Intrust Super finding innovative ways to service its members.

Another recent innovation is our new online advice system, Super360, which provides members with a free Statement of Advice or recommendations on their super, covering topics such as boosting their super balance, insurance, investment choice and salary sacrifice options.