An overhaul of the superannuation system is expected to deliver savings of up to $1 billion while better protecting members' funds and making it easier to find lost money.
Superannuation review chairman Jeremy Cooper said moving the industry into a streamlined electronic system, and making better use of tax file numbers and the internet, would go a long way to overhauling the system some critics say is held together by "rubber bands and chewing gum".
Mr Cooper told reporters in Brisbane on Monday, after addressing an industry conference, he hoped to deliver an interim report within weeks setting out proposals for changes to the industry's structure.
"The administration of contributions ... and all the paperwork in between costs a substantial amount of money," he said.
"Experts gave us the $1 billion figure, but others say that if administration cost is over $2 billion it would a 25 to 30 per cent saving.
"Certainly, we would like to see the lion's share of those savings absolutely going into members' accounts and not elsewhere."
He said he was "hopeful of making huge inroads" into linking lost superannuation with workers through the wider use of tax file numbers, which the Privacy Commission has conditionally backed, and better use of technology in a system dubbed SuperStream.
"That is the ultimate end game - totally electronic from employer to fund, from fund to fund, and so on," Mr Cooper said.
"It is do-able. Our SuperStream idea has been supported with relatively few exceptions.
"I think people have made jokes about (the current system being held together with) rubber bands and chewing gum.
"That is going a little bit far ... But, certainly, it's odd to understand that significant numbers of employers are still writing cheques and some funds don't accept electronic payments."
Mr Cooper said he was not concerned his review, due to report by June 30, may take a backseat to the Henry tax review and other matters before government.
"That's really a political question. It's up to government as to what priorities they give these reviews. The government is very interested in what I'm doing," he said.
Meanwhile, Australian Workers Union national secretary Paul Howes told the Conference of Major Superannuation Funds it was time to raise the compulsory contribution rate from the existing nine per cent to 15 per cent.
"The big goal before the federal election should be delivering 15 per cent super," Mr Howes said.
He said it could be implemented through extra government contributions, more employer contributions, the abolition of commissions on super, incentives to self-contribute or corporate tax cuts with savings redirected to super.
AAP