Your Future, Your Super
The Commonwealth Government's Your Future, Your Super (YFYS) legislation has delivered 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.
While the majority of changes came into effect on 1 July 2021, ‘stapling’ was delayed until 1 November 2021. As a public sector employer, select measures currently do not apply to you.
What you need to know
Your Future, Your Super snapshots for employers
There are four key elements to the YFYS reforms. Below we outline the changes and what they mean for public sector employers.
Super is ‘stapled’ to most Australians when changing jobs, unless they select another fund when starting with a new 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’
A new online comparison tool makes it easier for members to compare fees and fund performance.
GESB is not included in the comparison tool. No impact on employers
Super funds are required to comply with new accountability and transparency regulations.
GESB is exempt from these regulations. We will continue to comply with the State Government’s accountability and transparency requirements. No impact on employers
Super funds will undergo annual performance tests.
GESB is not included in the annual performance test. No impact on employers
Key actions by public sector employers
- Help educate employees about the changes
Employers can inform their employees about the legislation and reassure them that the changes do not impact them as public sector employees. - Continue to provide a Choice form
As a WA public sector employer, stapling does not apply to you. You need to continue providing new employees with a Choice form. Read our article for further details.
Latest news
Learn more about how the reforms apply to you.
How will 'stapling' impact WA public sector employers?
Find out moreLearn about some of the changes being made to the super industry as a result of new legislation passed by the Commonwealth Government.
What do Your Future, Your Super reforms mean for public sector employers?
Find out moreThe Commonwealth Government’s Your Future, Your Super reform package has now passed both Houses of Parliament.
We're here to help
Our dedicated and experienced Key Account Management team is here to help.
If you have any questions about the Your Future, Your Super reforms, contact one of our Key Account Managers.
Find out more
- View the legislation and supporting material provided by the ATO
- Learn more about the passing of the reforms in parliament
- Find out more in the Commonwealth Government’s fact sheet
- Read more employer news and updates
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 20 April 2024.