How your super will be stapled to you

For the first time, your super fund will follow you when you change jobs.

'Stapling' is an Australian Government superannuation reform that will be introduced from 1 November 2021.¹

This means you will keep your super fund when you change jobs, or your super will be 'stapled' to you.

Why is stapling being introduced?

The Australian Government says stapling is aimed at stopping the creation of unintended multiple super accounts and the erosion of your super balance.²

It aims to stop your retirement savings being eaten away by duplicate fees and insurance premiums on multiple unintended accounts.

Stapling will make sure that a new superannuation account is not automatically created every time an individual starts a new job. Instead, your super will follow you, so that your new employer will pay your Superannuation Guarantee contributions into your existing account.

How might I have gotten multiple accounts with different super funds?

Unintended multiple accounts are created when you change jobs and do not nominate a superannuation fund.

Currently under Australia’s compulsory superannuation system, your employer is obligated to nominate a superannuation fund on your behalf if an individual does not nominate a fund.

If you do not choose your own fund, each employer is required to have a ‘default’ fund that they pay your compulsory contributions into.

If you change jobs multiple times over your working life and do not nominate a superannuation fund, you could end up with multiple superannuation accounts with different funds, all charging separate fees and insurance premiums.

The Government says stapling should result in 2.1 million fewer unintended multiple super accounts over the next 10 years and boost balances in super by about $2.8 billion by avoiding duplicate fees and lost returns.

What are the benefits of a single super account?

The benefits of consolidating your super⁴ into one account could include:

• Paying fewer fees: Having your super in one account could mean fewer fees
• Less paperwork: One super account means one statement
• Easier tracking: One super account may make your super easier to manage
• Avoiding duplication of premiums: One super account reduces your chance of paying multiple insurance premiums

How stapling may work

When you start a job, your employer may pay eligible superannuation contributions to your existing superannuation fund if you have one, unless you select another fund.

Employers will obtain the information about your existing superannuation fund from the ATO.

The employer will do this by logging onto ATO online services and entering your details. Once an account has been selected, the employer will pay contributions into your superannuation account.

Your employer will only pay your super into their nominated default superannuation fund if you do not have an existing superannuation account and do not make a decision regarding a fund.

Your super at your fingertips

The QSuper app is now available, making it even easier to connect with your QSuper account wherever you go.

Download the app

1. Received Assent on 22 June 2021. Source: Treasury Laws Amendment (Your Future, Your Super) Bill 2021 – Parliament of Australia (aph.gov.au).
2. Australian Treasury, October 2020, Your Future, Your Super, accessed 23 April 2021, at treasury.gov.au
3. Australian Taxation Office, 18 March 2021, Super data: multiple accounts, lost and unclaimed super, accessed 23 April 2021 at ato.gov.au
4. 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.