What do Your Future, Your Super reforms mean for employers?
29 June 2021
The Commonwealth Government's Your Future, Your Super reform package has now passed both Houses of Parliament, delivering a number of significant changes to the super industry.
The package aims to make it easier for Australians to keep track of their retirement savings, avoid unintended multiple accounts and compare performance of super funds.
The legislation passed on 17 June 2021 with some key government amendments. Below we outline what the changes mean for public sector employers.
What do public sector employers need to do?
The most significant reform for the majority of employers is around 'stapling', which requires employers to pay super to a new employee’s existing fund if they have one, unless they select another fund, as of 1 November 2021.
However, as a WA public sector employer, you are not required to make any changes to the way you currently onboard new starters and pay your superannuation contributions, as GESB schemes cannot be ‘stapled’ and are exempt from the proposed Your Future, Your Super reforms.
You will need to continue to offer a Choice form to new starters to capture their superannuation preferences.
What are Your Future, Your Super reforms?
There are four key elements to the reforms, which were first announced by the Commonwealth Government in October 2020:
- Super will be ‘stapled’ to most Australians when changing jobs, unless they select another fund when starting with a new employer
- A new online comparison tool will make it easier for members to compare fees and fund performance
- Super funds will be required to comply with new accountability and transparency regulations
- Super funds will undergo annual performance tests
The super reforms had an initial proposed start date of 1 July 2021. Amendments made in parliament included the delay of the ‘stapling’ requirement to apply to employees commencing non-State Government employment on or after 1 November 2021.
The remaining measures, including performance testing and accountability requirements, will be applied from 1 July 2021 as initially scheduled.
Find out more
- Read more about Your Future, Your Super
- Stay up to date with the latest news and updates on super rules and regulations
- Contact your Key Account Manager
We’re here to help
- If you have any questions about the upcoming Your Future, Your Super reforms, our Key Account Management team is here to help
- You can read about further amendments made to the bill
- Read our FAQs for additional information about how the reforms may apply to you
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 03 May 2024.