Over $220m recovered in unpaid super during FY2024-25

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

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

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

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

“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 released last year by the Super Members Council (SMC), 2.8 million Australians missed out on $5.1 billion in superannuation entitlements during the 2021-22 financial year.

“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, said.

“Their work has helped recover unpaid super for more than a hundred thousand of our members, getting money into their accounts and working for their future as soon as possible. It’s money that would otherwise been missing from their retirement savings and the difference it makes, especially over decades of compound returns, is huge.

“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 also indicated it would be growing its technology and automation capabilities to boost 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, said.

“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.”