Federal Budget 2020-21
The 2020-21 Federal Budget has been delivered. The Budget includes key reforms to superannuation which will commence by 1 July 2021.
01 Dec 2020
In this year’s Budget a number of future changes were announced that are relevant to our customers. These are the Government’s Your Future, Your Super reforms which intend to make it easier for you to keep track of your retirement savings and compare performance. These include:
- Superannuation that follows you – this change will allow you to keep your super fund when you change jobs which means your super balance won’t be eroded through unintended multiple super accounts.
- YourSuper comparison tool – this is a new, interactive, online tool to help you decide which MySuper product best meets your needs.
- Holding funds to account for underperformance – this change means MySuper products will be subject to an annual performance test based on net investment returns and you’ll be informed if your fund is one that has underperformed.
- Increased accountability and transparency – this change will give you more information on how your superannuation fund manage and spend money, and require funds to act in the best financial interests of their members.
Full details on the announcements in this year’s Budget have been published at www.budget.gov.au
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