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.  

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Finally, there would be increased accountability of how superannuation funds used their members’ money.  


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