In 1992, under the Keating Labor Government, The compulsory employer contribution scheme became a result of Australia’s retirement dilemma. From 1992 it became a mandatory requirement for employers to contribute to your Superannuation, commonly known as Superannuation Guarantee Contributions. However, it was not carefully thought through and Australian’s ended up with multiple Super Funds.
This may seem like an insignificant detail, this has allowed Australians to lose over $20,0000,000,000 worth of Superannuation to lost super funds.
Now, after 5 years of a dormant Super Fund, the Australian Tax Office (ATO) will take hold of accounts which then becomes classified as “Lost Super”