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.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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