Here’s Why You Need to Consolidate Your Super Now / What is ‘Stapled’ Super?
New super rules introduced in November of 2021 mean employees are now ‘stapled’ to their existing superannuation fund, unless they choose otherwise. That’s why it’s more important than ever to consolidate your super and take control of your retirement savings. Here’s what you need to know about the super stapling rules.
From 1st November 2021, workers will automatically keep the same superannuation fund when they switch jobs, unless they actively nominate a new fund.
The reform aims to limit the number of superannuation accounts Aussies accrue over their working life. Under the old system, people often received a new super account every time they changed employers. That’s a problem because having multiple accounts eats away at your retirement income, due to the fees and premiums attached to each account.