Recent law amendments extend super choice

Recent amendments to the law will give more Australians the opportunity to choose their own superannuation fund — preventing them from being locked into a specific super fund under the terms of an enterprise bargaining agreement.

New workplace determinations and enterprise agreements made on or after 1 January 2021 must provide employees the right to choose the super fund to which their employer makes compulsory super contributions.

This means some existing members of super funds may choose to exercise this right and change to a different super fund.

To keep abreast of Superannuation changes you can sign up for the ATOs newsletter here.

Source: ATO Website, 22 September 2020