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A new site to help you compare superannuation funds, to be called YourSuper, is expected to make it easier to choose the best super product for you.
Selecting a high-performing superannuation product rather than an underperforming one could significantly boost your retirement income.
As one of a number of Australian Government superannuation reforms expected to be introduced from 1 July 2021,¹ the interactive, online YourSuper comparison site will aim to help you choose the best super product for you.
The YourSuper comparison tool will aim to make it easy for you to make an informed choice about who manages your superannuation.
The YourSuper comparison tool will make the performance of MySuper products clear, requiring funds to compete for your savings.
According to the Australian Government,² the tool will aim to empower you to make your own decision about who manages your retirement savings with simple, clear and trusted information.
The Government says when superannuation products are easy to compare, you are more likely to become engaged with superannuation and choose the product that is right for you.
As a result you may be more likely to avoid poor performing and high-fee products.
If you are starting a new job, you will be able to use the YourSuper comparison tool to locate a MySuper account if you don’t already have one.
The YourSuper tool will also aim to encourage more competition in the super system so funds lower fees and increase returns for members.
It is intended that the YourSuper comparison tool will be administered by the Australian Tax Office (ATO).
It will be based on information that superannuation funds report to the Australian Prudential Regulation Authority (APRA) and will be developed in consultation with the Australian Treasury.
The information about product performance will be updated quarterly so you can be sure you are making decisions using up-to-date information.
According to the Australian Government, the YourSuper comparison tool will:
The Australian Government says Australians empowered to choose a high performing super product compared with an underperforming product may enjoy significantly boosted retirement incomes.
The Government estimates that more individuals making informed decisions about their superannuation and increased engagement via the YourSuper comparison tool will provide an additional benefit of $3.3 billion over 10 years.
As a QSuper member you have access to over-the-phone financial advice. Personal financial advice may help you save money right now, build a better future retirement, protect what you have and set strategic goals.
Find out more
Deciding what is best for you will depend on your personal circumstances and you may want to seek personal financial advice to get the most from your superannuation. You can find out more about financial advice options at qsuper.qld.gov.au/advice
1. As at April 2021 these changes have not yet been passed by Parliament
2. Australian Treasury, October 2020, Your Future, Your Super, accessed 23 April 2021, at treasury.gov.au
3. Before you consolidate your super, please consider if withdrawing savings from your current fund/s could lock in a previous investment loss. You should also check with your other fund/s if you will lose access to benefits such as insurance or pension options, if the other fund/s will charge you exit penalties or fees, or if there are tax implications.
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