Senate debates

Monday, 21 June 2021

Questions without Notice

Superannuation

2:17 pm

Photo of Jane HumeJane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

The Treasury estimates that around six million multiple accounts are held by 4.4 million Australians. To address this, from 1 November 2021, when you change jobs your superannuation fund will move with you. If you don't know your superannuation details, your employer will check with the ATO to find your active super account. There will be no more accidentally doubling up on your fees, doubling up on your insurance premiums or losing money to super accounts that you didn't even know existed.

It's important to note that, thanks to the coalition government, you still have choice. You will always have choice. Your super fund will now move with you, but you have the option to change that fund at any time. If your fund is underperforming, you can seek a fund with lower fees. You're able to do this. Your employer can't stop you, and nor will this measure. Treasury estimates that this change will increase superannuation savings by around $2.8 billion over the next decade, which will go straight back into the retirement funds of hardworking Australians.

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