To prevent the creation of unnecessary superannuation (super) accounts, the Australian Government has introduced a system as part of new ‘Your Future, Your Super’ legislation, whereby super accounts will now be ‘stapled’ to members, effective from 1 November 2021.
This means that employees will keep their existing superannuation fund when they change jobs, unless they choose a super fund themselves.
To help you and your organisation remain compliant with the upcoming legislative changes to superannuation, we’ve created a checklist which identifies the changes and their implications on employers, and provides guidance on areas such as:
- How to ensure you are ready to request stapled super fund details
- Offering new employees a choice of super fund
- What to do if a new employee doesn’t choose a super fund
- When to use default funds