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YFYS bill passes in Senate
The Your Future, Your Super bill has now been passed in the Senate and will come into force on 1 July, 2021.
The bill was passed with amendments today and would include a performance test of super funds to ensure members were not stuck in underperforming funds.
Members would also be ‘stapled’ to a superannuation fund where one fund would stick with them for the duration of their working life which would prevent the creation of employees having multiple accounts.
Finally, there would be increased accountability of how superannuation funds used their members’ money.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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