The Your Future, Your Super package of super reforms was announced by the Government as part of the Federal Budget in October 2020 and passed into law on 17 June 2021.
Your Future, Your Super has four key elements:
- Your super follows you – making it easier for you to take your super with you as you change jobs will prevent the creation of unintended multiple super accounts that may reduce retirement savings by paying duplicate fees and insurance premiums
- Empowering members – providing you with simple and clear information will help you choose a well-performing low-cost super product that meets your needs
- Holding funds to account for underperformance – knowing if your fund is underperforming means you’ll be better protected from poor super outcomes
- Increasing transparency and accountability – will help you know more about how super funds use your retirement savings.
To learn more about Your Future, Your Super visit the Australian Taxation Office website