Your super stays with you
From 1 November 2021, your super account will be ‘stapled’ to you. This means you’ll keep your existing account whenever when you change jobs and your new employer will automatically pay your super into that account, unless you select another fund.
Currently, a new super account is created whenever you start a new job, unless you tell your employer where you want your super to go.
A new tool to help you choose your fund
The Government has also announced an online ‘YourSuper’ comparison tool to help you decide.
The YourSuper tool will provide you with a table of simple super products, called ‘MySuper’ products, ranked by fees and investment returns. The tool will also provide links to join these products.
It will also show all your current super accounts, and prompt you to consider consolidating accounts if you have more than one.
With these measures, the Government estimates a typical young Australian entering the workforce in their 20s could be around $87,000 better off at retirement.