Your superannuation will follow you
For the first time, you will keep your super fund when you change jobs, stopping the creation of unintended multiple super accounts and the erosion of your super balance.
A new super account will no longer be created automatically every time you start a new job. Instead, your super will be 'stapled' to you, so that you keep your current super fund when you change jobs. Your employer will pay your super to your existing superannuation fund if you have one, unless you select another fund.
By 1 July 2021:
- If an employee does not nominate an account at the time they start a new job, employers will pay their superannuation contributions to their existing fund.
- Employers will obtain information about the employee's existing superannuation fund from the ATO.
- The employer will do this by logging onto ATO online services and entering the employee's details. Once an account has been selected, the employer will pay superannuation contributions into the employee's account.
- If an employee does not have an existing superannuation account and does not make a decision regarding a fund, the employer will pay the employee's superannuation into their nominated default superannuation fund.
Source:Budget Factsheet 2020-21
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Last modified: Monday, October 12, 2020