29 October 2021

Your Future, Your Super, Your New Obligations: Choice of fund requirements for new employees – Are you ready?

Written by Greg Protektor, Ruth Rosedale, Tim Wells and Darcy Harwood.

The amendments to the use of “default” superannuation funds were first announced by the Federal Government in the 2020-21 Budget and were introduced by the Treasury Laws Amendment (Your Future, Your Super) Act 2021 (Cth). 

The amendments are intended to prevent eligible employees from being burdened with unnecessary superannuation accounts which are created for them – and corresponding account fees and insurance costs – each time they change jobs.  The changes have been introduced in response to findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, as well as to findings of the Productivity Commission.

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