$13b in lost superannuation accounts

The Federal Government says there is an extraordinary amount of money in unclaimed superannuation.

Superannuation Minister Nick Sherry says the turmoil on financial markets has had a significant impact on the superannuation system, but overall it remains robust and well-regulated.

But he has expressed concern that fees are too high.

Senator Sherry also says the system is too complex and too much money is unclaimed.

"There are 31.7 million accounts for 11.6 million Australians in our system, with now over 6.4 million 'lost' accounts containing almost $13 billion in assets," he said.

"That's an example of a system-wide significant inefficiency."

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Wed 19th November 2008 - 05:41pm