Senate must protect workers from being tied to a dud super fund
Published: 17 Jun 2021
New super laws that trap Australians in dud super products could cost millions of workers almost $230,000 from their retirement savings – unless the Senate acts today to fix the flawed Bill.
The government’s Your Future, Your Super legislation staples millions of members into dud products that would either fail new performance tests or are shielded from them altogether.
The Senate must act to protect members financial interests by mandating workers can only be stapled to a fund that has passed a performance test. Without this change the Bill could cost Australian workers $230,000 from their retirement savings.