Your super – it’s your money.
You can look after your retirement by making better informed decisions about your super.
The Australian Government is reforming the superannuation system to make it easier for you to navigate and understand. These reforms are expected to save Australians a total of $17.9 billion over the next 10 years.
Your super is your money for your future. It is a long-term investment which will help give you the life you want in retirement. It’s never too early, or too late, to engage with your super.
The reforms include:
- Your superannuation follows you when you change jobs.
- Making it easier to compare and choose a better performing fund.
- Holding funds to account for underperformance.
Ready to compare your super?
The new YourSuper comparison tool helps you quickly and easily compare MySuper products to choose the fund that suits your needs. It displays a table of funds ranked by fees and net returns, tells you which funds have failed the annual performance test, and allows you to select and compare in more detail up to four funds at a time.
What employers need to know.
From 1 November 2021, employers have new obligations where a new employee does not actively choose a super fund. The ATO website has step-by-step info to help employers comply with these new obligations.
Super that follows you when you change jobs.
From 1 November 2021, when you start a new job, your existing super fund is linked, or ‘stapled’, to you unless you choose a different fund. Previously employees who did not nominate their own fund were defaulted into one chosen by their employer. Now employers will have to contribute to your current super fund if you do not choose a different fund.
This reform aims to minimise the creation of unintended multiple super accounts, saving Australians money on fees and insurance and maximising your retirement income.
How is your Super performing?
The Australian Government has introduced an annual performance test to hold super funds to account for underperformance, encourage lower fees and protect members from poor financial outcomes.
The test is conducted by the Australian Prudential Regulation Authority (APRA) and published on the ATO website.
If your fund is found to be underperforming, they will be required to inform members and direct them to the new YourSuper comparison tool to find a better performing fund if they wish.
Persistently underperforming funds will be prevented from enrolling new members. Members will be notified, via email or letter, by 28 September each year if their fund fails the test.