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Your Future, Your Super

Updated: Jun 25, 2021

Australian Super System is currently worth $3 trillion and is the fourth largest in the world. This is supposed to be the nest egg of 16 million Australians who wish to enjoy a higher standard of retirement.

Unfortunately, the system that is responsible to look after this nest egg has its flaws. One of them is the staggering annual fee of $30 billion charged to the members’ balance, not to mention insurance premiums. This is higher than what we pay for energy ($27 billion) or water ($12 billion).

The new law called Your Future, Your Super will change this system and make it better for Australians in four ways:

  • Your superannuation follows you, From 1 November 2021, where employees do not choose a super fund, most employers will have to check with the ATO if their employee has an existing super account, known as a 'stapled super fund', to pay the employee's super guarantee into.

  • Empowering members, A new YourSuper comparison tool for individuals to be able to compare key data on MySuper products and choose a well-performing product that meets your needs.

  • Holding funds to account for underperformance, protecting you from poor outcomes and encouraging funds to lower costs and fees to boost Australians’ retirement incomes.

  • Increasing transparency and accountability for how superannuation funds use members’ savings.

With these changes, Australians will save about $17.9 billion over the next decade.

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