Around 700,000 Australians aged over 65 could be paying unnecessary tax on their superannuation by keeping their funds in an accumulation account instead of transferring them to a pension account, according to the Super Members Council (SMC).

For a retiree with AU$100,000 in an accumulation account, the tax on superannuation earnings could reach as high as AU$4,500, 9News reported.

Funds in the accumulation phase are taxed at 15% on investment earnings, while........

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