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Federal Budget Superannuation Fund Changes
At the Federal Budget 2020-21, the government announced funding to improve superannuation protections for employees.
The ATO will develop the systems required so that new employees will select a MySuper fund from a new tool called YourSuper. This fund will then automatically follow an employee to future employment unless the employee subsequently makes a new choice of fund.
Super fund performance will also be assessed by the Australian Prudential Regulation Authority (APRA) and underperformers will be barred from accepting new members. The funds’ performance will be analysed to ensure transparency and maximising of retirement savings for members.
This move will make it easier for employers who engage new workers who already have an existing fund. However, it may be more onerous for employers when employees do not make a choice of fund.
The YourSuper tool that will list available MySuper funds to choose from will be available from 1 July 2021.
We await further detail on the administration, super fund choice arrangements and the impact on employers.