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.
Finally, there would be increased accountability of how superannuation funds used their members’ money.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.