Your investment update - May 2024
In our latest Investment Update, we give you a quarterly performance recap, an update on market news and volatility, and showcase one approach we’ve taken towards investing in AI.
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What do the proposed new Your Future, Your Super rules mean for you and your people? Here’s a quick explainer.
Major changes to the way super is provided for employees will come into effect from 1 July 2021, if the Federal Government’s new Your Future Your Super legislation is passed by Parliament this year.
Here are the four key measures proposed in the package.
| Measure 1 |
| Stapling superannuation accounts to the employee, so that super will follow members when they change jobs. |
| The objective: To reduce multiple accounts. |
| Measure 2 |
An interactive online YourSuper comparison tool featuring:
|
| The objective: To help members decide whether to combine their super accounts. |
| Measure 3 | |
| Annual performance tests starting 1 July for MySuper products, where any underperforming funds must inform members of this underperformance and point them to the YourSuper comparison tool. | |
The objective: To help members ensure they’re with a high-performing fund. |
| Measure 4 |
| Increasing accountability and transparency, with new obligations on Trustees. |
| The objective: To reduce costs and to ensure funds act in the best financial interests of members. |
So how might the measures impact you – and how can we support you?
We’ll help you with the extra admin
Under the proposed legislation, employers will need to seek information from the Australian Taxation Office (ATO) about their new employee’s existing super fund. We understand this regulatory change may make it more time-consuming for employers to meet their super obligations.
We’re here to support you to meet all legislative changes and are working on making it easier for you to make super contributions.
That’s why we’re identifying key industry technology providers who can design and implement solutions to help you meet the proposed new requirements.
We’ll be here with answers
We’re also increasing our engagement with employers to ensure we understand the challenges you’re facing. We’ll hold information sessions to support the people in your team who’ll be responsible for implementing any changes under stapling.
We’ll keep you updated in the coming months as we learn more about the changes.
While every attempt has been made to ensure the accuracy and reliability of the information, it is not guaranteed in any way.
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Everyone deserves the best possible retirement. And we want to help you save for the future that you want.