Approximately $4.8 million in lost super has been returned to AMP customers so far after 17,000 members with 23,000 accounts were contacted in the first tranche. 

The average customer has been returned $12,000, with amounts ranging from 80 cents to a staggering $253,000. 

On completion the campaign is expected to return around $5 million to members who had effectively lost their super. 

For AMP Director Contemporary Wealth Management Products Chris Jansen it is a timely reminder for people to consolidate inactive super accounts. 

“We’ve had a very positive response rate so far which has been really pleasing to see.  

“The average working Australian now has around three superannuation accounts, and AMP is encouraging people to use every measure they can to boost their retirement savings. 

“Consolidating inactive super accounts is a great place to start as they can be generating unwelcome fees.  Ultimately this is money that will help fund their retirement.” 

According to the federal Government, the average value of a lost super account is around $4,800. 

The latest AMP Retirement Adequacy Index shows the average worker today can expect to retire on just under $49,000 per year. 

AMP’s lost super campaign will continue until the end of the year.

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