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Super that stays by your side

Things you should know about ‘stapling’ and your super

From 1 November 2021, your superannuation could follow you when you change jobs. This will help you avoid having multiple super funds and paying unnecessary fees.

What is Super Stapling?

As a part of the Your Future Your Super legislation, your existing super fund could be ‘stapled’ to you for the duration of your working life. Even if you do have a stapled account, you can still notify your new employer about your chosen super fund (which can be different to your stapled fund) into which you want your super to be paid.

The great thing about this change is that it helps you stay in control and keep track of your super.

It aims to prevent unintended multiple superannuation accounts from being created when you change jobs, and to stop your super savings from being eaten away because of fees and charges paid on your multiple super funds. 

How will it affect me and my super?

Every time you start a new job after 1 November 2021:

If you don’t provide your new employer with a ‘choice of super’ form, which tells your employer where you want your super contributions to go, then your new employer will check with the ATO to see whether you have a ‘stapled fund’. If you do have a stapled fund, your employer will pay your super into your stapled fund account.

If you don’t have a stapled fund account, then your employer may choose to pay your super into their default fund.

Money bags

Are you one of the 4 million Aussies with more than one super fund?

According to the ATO, around 4 million Australians held more than one super fund account, as at 30 June 2020*

Having multiple super accounts could mean you are paying unnecessary fees and charges and most importantly reducing your overall retirement savings.

* Source: Australian Taxation Office (ATO). Figures are based on member data reported by funds to ATO for the year ending 30 June 2020. Visit ato.com.au for more information. This information is current as at October 2021.

How to find and combine your super funds

You can find and combine your super in the Rest App or through Member Access. To make it easy, we’ve broken down the steps for you

Rest App

1. Log into the Rest App.

Tip: Make sure you’ve got the latest version (3.2.0 or above) installed

2. Click the ‘Combine your super’ tab and follow the prompts to find and combine your super.


Open Rest App

MemberAccess

1. Log in to MemberAccess

Click the ‘Combine your super’ tab and follow the prompts to find and combine your super.

Open MemberAccess

Things you should think about before consolidating your super

We always recommend seeking financial advice before making a decision about your super. To help support you, these are some of the things you should consider before consolidating your super. If you have any questions, speak to a licensed financial adviser or visit the ASIC MoneySmart website for more information.

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Consider the insurance cover you have with your super providers and any benefits that would be lost. Any death and disability insurance cover that you have with your other super fund will be cancelled and the account will be closed.
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Your other super fund may charge fees when leaving the fund, so it’s always best to check this first.
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If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund before you consolidate your super into another fund.
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We won’t be able to stop the transfer if you later change your mind.
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You’ll need to complete a ‘fund nomination form’ with Rest if your other super fund account is receiving contributions from your employer and you want these contributions to be re-directed to your Rest account.

Have a question, or need some help?

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