Looking ahead. What’s in store for super in 2021?

What’s on the super horizon for employers in the new year? Here’s a round-up of what you can expect from both the Government and First Super.

Government changes to super choice laws

From 1 January 2021, workers can no longer be forced into an employer’s chosen super fund under any new enterprise bargaining agreements (EBAs) or workplace determinations. (Existing arrangements will still apply until the next time they are negotiated.)

This change means employers must offer all new employees a Standard Choice form so they have the option of choosing their own super. You’ll still need to have your default super fund, First Super, in place for any workers who don’t make a choice.

Read “Changes to super choice laws” for more information.

Super accounts to follow workers changing jobs

If the Government’s super-related Budget proposals go ahead, super fund members could wind up being “stapled” to their first super fund. This change is designed to stop people having a new super account created for them at each workplace.

The person’s first fund (or whichever fund they choose to join) would follow them from job to job. As an employer, you would still need to offer a default super fund, but the focus would switch from setting up new super accounts for workers to paying into an employee’s existing account.

The Government is aiming to introduce this change by 1 July 2021.

Supporting employers and members in the workplace

After a disrupted 2020, our Member and Employer Services Coordinators are keen to get back on the road to support you and your employees in person with your super obligations and decision-making.

Our Coordinators can visit your workplace and help your staff on a range of topics, such as:

• What to do when becoming a member, including consolidating super funds, managing personal account details, and understanding First Super’s investment and insurance options
• Making the most of your super, including effective ways to boost super, taking advantage of schemes like the First Home Super Saver, and reviewing your arrangements regularly
• Getting retirement ready, including how to know how much super is needed for a comfortable retirement, planning ahead by reviewing and adjusting your current account settings, and transitioning from working life to a retirement lifestyle.

Have a different topic in mind? Let us know what you’d like to hear about.

Our Coordinators are based in offices around Australia, meaning we can plan workplace visits flexibly around your busy schedule. To arrange a visit call us on 1300 943 171 or email us.