Over $220m recovered in unpaid super during | Australian Markets

Advice and superannuation options supplier, Industry Fund Services (IFS), has confirmed it recovered more than $226 million in unpaid super during the 2024-25 financial yr, with its complete collections now amounting to over $2 billion.

This follows alongside the proposal to legislate payday super from 1 July 2026, which was opened for session earlier this yr.

Natalie Lister, Executive Manager of Super Recoveries at IFS, stated the restoration efforts help to supply a “stronger retirement outcome for working Australians”.

“We’re proud to stand alongside our clients in protecting their members’ super,” she stated.

“Our goal is to be the go-to partner for proactive super recovery, especially as we recognise that Payday Super, while a major step forward, will not completely eradicate the issue.”

According to a report launched final yr by the Super Members Council (SMC), 2.8 million Australians missed out on $5.1 billion in superannuation entitlements during the 2021-22 financial yr.

“Unpaid super is a serious issue for Cbus Super members. That’s why we are proud of the results achieved by IFS over the past financial year,” Marianne Walker, Cbus Super Deputy CEO and Chief Member Officer, stated.

“Their work has helped recuperate unpaid super for more than a hundred thousand of our members, getting money into their accounts and dealing for his or her future as quickly as doable. It’s money that might in any other case been lacking from their retirement financial savings and the distinction it makes, particularly over a long time of compound returns, is big.

“Our members work in a sector where they are often moving from job to job, and where insolvencies are all too common, so recovery work really matters. It’s why Cbus works closely with IFS on super compliance, and we’ll keep doing everything we can to make sure members get what they’ve earned. This work continues to deliver real results for members.”

IFS additionally indicated it could be growing its technology and automation capabilities to spice up its Super Recoveries service, bringing “intelligent automation, predictive analytics, and integrated systems to improve efficiency, reduce costs, and deliver data-driven outcomes for clients”.

“Unpaid or missing super comes with a long-term impact – a lower balance to live off in retirement. That’s why making sure super fund members receive their full entitlements is such important work,” Luke Fraser, AustralianSuper Head of Workplace Partnerships, stated.

“With Payday Super proposed to take effect on 1 July 2026, we are working closely with our partners and employers to ensure they are supported through this transition. Our focus is on delivering compliant, integrated payment technology and tailored education to help businesses save time and confidently meet their super obligations.”