CommInsure helps customers find over $2.5m of their lost super
18 January 2008
CommInsure, the administrator of the SuperTrace Eligible Rollover Fund, is using its unique position as a part of the Commonwealth Bank Group to actively help customers find and consolidate over $2.5 million of lost super accounts.
CommInsure and the Bank have begun data-matching lost members against their customer information databases – the Bank’s is the largest database of its kind in Australian financial services. This innovative process provides the Commonwealth Bank with details of customers who may have a lost super account that has been transferred to SuperTrace.
The Bank’s initial mailout to 17,000 of its customers has already reunited over 1,700 people with over $2.5 million of their money, and this number is expected to grow significantly with subsequent mailouts.
Clive Levinthal, General Manager Life, Super and Investment Products, CommInsure, said the largest account now successfully reunited with its owner has been $140,000.
"This customer has been a member of the SuperTrace Eligible Rollover Fund for 10 years and didn’t know he had $140,000 in this fund. Through our new data-matching procedure, we matched the customer with his lost money and wrote to him to inform him of it. It certainly was a great way for him to start the new year!", said Mr Levinthal.
In 2007, SuperTrace reunited over 74,000 members with over $161 million of their money. The new data-matching initiative aims to expand on the work of the ATO who track lost accounts via Tax File Numbers. SuperTrace will run the data-matching procedure and mailout to newly identified customers at regular intervals throughout the year.
"We are pleased to be taking a proactive approach to help existing Commonwealth Bank customers find their superannuation money, and we’ve received tremendous interest and support for this initiative from SuperTrace’s key fund trustees," said Mr Levinthal.
"SuperTrace is committed to reducing the number of lost and inactive accounts which reside in eligible rollover funds. We believe this initiative is a good step toward helping many Australians find and consolidate their retirement nest egg", concluded Mr Levinthal.
SuperTrace is an eligible rollover fund primarily designed to accept benefits transferred from complying superannuation funds, approved deposit funds and retirement savings accounts in certain circumstances.
More information on SuperTrace can be found on its website: www.supertrace.com.au
For more information contact:
Casey Van Liessum
The Commonwealth Bank
Ph: 02 9303 6412
M: 0403 119 671
Colonial Mutual Superannuation Pty Ltd ABN 56 006 831 983 AFSL 235025 RSEL L0002769, is the Trustee of SuperTrace Eligible Rollover Fund ABN 73 703 878 235 RSER R1067354 SFN 2924/449/40 (‘SuperTrace’). SuperTrace is administered by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (‘CMLA’). CommInsure is a registered business name of CMLA. The Trustee and CMLA are both wholly owned, but non-guaranteed, subsidiaries of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. A Product Disclosure Statement describing SuperTrace is available by writing to Locked Bag 5429 PARRAMATTA NSW 2124 or visiting www.supertrace.com.au or calling 1300 788 750 or by facsimile on (02) 9947 4184 and should be considered before making a decision about SuperTrace.