ASFA backs reforms to super advertising and onboarding rules

The peak industry body has welcomed new legislation reforming super advertising and onboarding, stating the changes built on recent Payday Super measures.

The Association of Superannuation Funds of Australia (ASFA) has welcomed the introduction of legislation to reform rules around superannuation advertising and stapling during employee onboarding, saying the changes built on reforms already delivered through Payday Super earlier in November.

The Treasury Laws Amendment (Supporting Choice in Superannuation and Other Measures) Bill 2025 was introduced into the House of Representatives last week (26 November).  

ASFA chief executive Mary Delahunty described the package as a series of “pro-member” reforms designed to strengthen choice while preserving protections against unnecessary duplicate accounts.

Delahunty said the approach in the Bill “strikes a balance between maximising member choice, ensuring workers are presented with options, and knowing that they are in the best performing product for them, while continuing to ensure that the number of Australians with more than one super account continues to reduce”.

She added that “while sensible guardrails around advertising are essential to prevent the proliferation of duplicate accounts, advertising also has a legitimate role in a choice-based superannuation system”.

Engagement, she said, “always pays off for people”, arguing that taking on a new job remains a key moment for prompting individuals to review their super.

“Starting a new job is one of the few times many people pause and think about their super. We should use that moment to put clear, comparable information in front of them so they can see what’s out there and ensure they are in the best option for their age, stage, and individual needs,” Delahunty said.

Under the proposed framework, advertising during onboarding will be subject to new rules around when and how superannuation products can be promoted.

Onboarding platforms that choose to advertise will be required to display an employee’s stapled fund where one exists.

Additionally, advertisements will be limited to the employee’s stapled fund, the employer’s default fund, and MySuper products that have passed the most recent annual performance test.

Any MySuper product advertised must have passed the Annual Superannuation Performance Test.

The person advertising it must not be related to the fund offering the product, must have requested the employee’s stapled fund, and must provide those details to the employee where available.

Advertisements must also include “clear and unambiguous” disclosures. The government clarified that the restrictions apply only to onboarding, not to advertising undertaken in the ordinary course of business.

Delahunty welcomed the Minister’s view that “Australians deserve to make an informed choice about their superannuation fund when starting a new job” and said ASFA would work with the government on implementation.

She added that, over time, the sector should move towards a consistent framework across all onboarding settings, calling the current Bill “a practical step forward that delivers better information where the technology is ready, without over-engineering processes for employers who are not yet using these platforms”.

During the introduction of the Bill, Minister Daniel Mulino reiterated the government’s push to reduce duplicate accounts.

The number of superannuation accounts has fallen from around 27.4 million in 2019 to about 24.8 million in 2025, while the proportion of Australians with a single account has risen from 74 per cent in 2020 to 78 per cent in 2024.

“We have made real inroads into cleaning up duplicate accounts. New reforms must continue this positive trend,” Delahunty said.

She added that the combination of Payday Super, improved ATO visibility and revised onboarding settings was helping to move the system towards more timely payments and fewer unnecessary accounts.

“Overall, this is a measured package that supports choice, competition and performance, while reinforcing the system’s shift towards better, more consistent outcomes for members,” she said.