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Budget 2020-21

Empowering members

Section: 1.4

A new, interactive, online YourSuper comparison tool will help you decide which super product best meets your needs.

By 1 July 2021, the YourSuper tool will:

  • Provide a table of simple super products (MySuper) ranked by fees and investment returns.
  • Link you to super fund websites where you can choose a MySuper product.
  • Show your current super accounts and prompt you to consider consolidating accounts if you have more than one.

This tool will make it easier for you to compare the fees and performance of super funds in the market, creating more competition and making super funds work harder to manage your money.

How will you benefit?

Selecting a well-performing product rather than an underperforming one can significantly boost members' retirement incomes.
Using the YourSuper comparison tool to choose a well-performing fund means:

  • A typical young Australian entering the workforce in their 20s could be around $87,000 better off at retirement.
  • A typical Australian already in the workforce at age 50 could be around $60,000 better off at retirement.

The measure will result in $3.3 billion in higher member balances over a decade.

Source:Budget Factsheet 2020-21

This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements

Last modified: Monday, October 12, 2020