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On Tuesday 6 October, Treasurer Josh Frydenberg handed down the 2020 Federal Budget. Calling it a budget to “rebuild our economy and secure Australia’s future” Mr Frydenberg pledged a number of future changes, including key reforms to superannuation, to make it easier for workers to keep track of their retirement savings and to compare performance.
At QSuper we take the responsibility of looking after our 585,000 members' financial futures very seriously and we work diligently to support you. This includes helping you to consolidate your super, and to find any lost super you may have if you require us to do so.
Duplicate super accounts, which can be created when people change jobs and do not nominate a super fund, are nevertheless an industry issue. The government estimates that there may be more than six million multiple accounts in Australia.¹
From 1 July 2021, the government intends you to keep your current super fund when you change jobs. Your employer will pay your super to your existing superannuation fund if you have one, unless you select another fund. This is called “stapling” your super account to you.
Employers will get information about your existing super fund from the Australian Tax Office (ATO). If you don’t have an existing super account and don’t make a decision regarding a fund, the employer will pay your super into their nominated default superannuation fund.
The Government estimates this measure will result in 2.1 million fewer unintended multiple accounts over 10 years, saving workers about $2.8 billion by avoiding duplicate fees, insurance and lost earnings across that time.²
Some workers may intentionally have more than one super account for investment or insurance reasons. However, many other workers may have more than one super account without knowing
The benefits of consolidating your super can include:
Find out more
Selecting a well-performing superannuation product rather than an underperforming one could significantly boost individuals’ retirement incomes. The Government aims to make it easier for workers to compare their options by creating a new, interactive, online YourSuper comparison tool.
According to the government, the comparison tool could:
Further details will be announced as the comparison tool is developed.
In the meantime, you can put yourself in control. Compare QSuper today.
Please note that some of these announcements are yet to be legislated and may be subject to change. We will keep you updated on all proposals through the QSuper website. You can also access all Budget papers here.
The QSuper app is now available, making it even easier to connect with your QSuper account wherever you go.
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1. Source: Budget speech 2020-21. Accessed 6/10/2020
2. Source: Your Future, Your Super factsheet. Accessed 6/10/2020
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