The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 has been introduced to Parliament to implement some of the “Your Future, Your Super” measures announced in the 2020–2021 Federal Budget.
Treasurer Josh Frydenberg has said the measures are intended to save $17.9 billion over 10 years by holding underperforming super funds to account and strengthening protections around people’s retirement savings. The changes include:
- “stapling” your chosen super fund so it follows you when you change jobs, and you don’t end up paying fees for multiple accounts;
- requiring funds to pass an annual performance test, and report underperformance to fund regulators and members;
- strengthening trustees’ obligations to only act in the best financial interests of fund members; and
- creating an interactive online YourSuper comparison tool which will encourage funds to compete harder for members’ super.