The Australian Government has announced reforms to the super system in the 2020/21 Budget, called ‘Your Future, Your Super’
The reforms, proposed to start 1 July 2021, are designed to prevent multiple super accounts being unintentionally created whenever people change jobs.
Members pay unnecessary fees, and possibly insurance premiums, on unintended multiple accounts – and these can compound to significantly reduce members’ ultimate retirement savings.
Right now, you don’t have to do anything. If passed into law, this is how it will work.