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Funds that are transferred from Eligible Rollover Funds (ERFs) to the Australian Taxation Office (ATO) are now required to be proactively reunited with a member’s superannuation account, or directly with the individual, where eligible, within 28 days.
The Morrison Government passed
the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 on 25 February to help reunite members with more of their lost super and to reduce the number of duplicate super accounts.
A joint announcement by the Treasurer Josh Frydenberg, and Minister for Financial Services, Superannuation, and the Digital Economy, Jane Hume, said the ERFs were intended to act as a temporary measure for members who lost their super accounts but that members’ money “languished” in ERFs for years.
Australian Treasury
The Morrison Government has today passed legislation that will reunite Australians with more of their lost superannuation.
The Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 requires that accounts transferred from Eligible Rollover Funds to the ATO will, where possible, be proactively reunited with a member’s superannuation account, or directly with the individual where eligible, within 28 days.
This will remove large numbers of duplicate superannuation accounts from the system. By reuniting these lost accounts with their rightful owners, Australians will reduce duplicate fees and end up with higher balances.
ERFs were intended to act as a temporary measure for the benefit of members who had lost their superannuation accounts. However, in practice, members’ money languished in ERFs for years.