The Your Future, Your Super Bill 2021 recently passed Parliament and introduces changes that could affect what happens to your super when you move jobs.
From 1 November 2021, when you change jobs, if you don’t choose a fund to receive your employer super contributions by completing a Choice Form, your employer super contributions will be paid to your existing super account, if you have one. If you don’t have an existing super account and you don’t make a choice, your employer will set up an account in their default fund. This change aims to help prevent the creation of unintended multiple superannuation accounts when you move jobs.
If you hold multiple super accounts but don’t specify to which account you want your employer super contributions paid, the ATO will instruct your employer which account to use.
We’re here to help
For more information on these changes, please refer to the relevant PDS, speak to your financial adviser or call us on 13 13 36, Monday to Friday, 8am to 7pm, Sydney time.
Colonial First State Investments Limited ABN 98 002 348 352, AFSL232468 (Colonial First State) is the issuer of FirstChoice Wholesale Investments and FirstChoice Investments. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL234945 (the Bank) is the issuer, and Colonial First State is the administrator, of FirstRate Saver. Colonial First State is a wholly owned subsidiary of the Bank. The Bank and its subsidiaries do not guarantee the performance of FirstChoice or the repayment of capital by FirstChoice. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36.