Superannuation

Individual employees generally have the opportunity to choose their own superannuation fund.

For further information about whether an employee is eligible to choose their own fund visit the ATO website: Offer employees a choice of super fund.

From 1 November 2021, if a new employee does not choose a fund the employer will generally be required to check if the employee has a 'stapled superannuation fund'.  A stapled fund is an existing superannuation account linked, or ‘stapled’, to an individual employee so it follows them as they change jobs. 

For further information visit the ATO website: Request stapled super fund details for employees.

By 31 August each year, the Australian Prudential Regulation Authority (APRA) is required to conduct an annual performance test for MySuper products.

Where a MySuper product fails the annual performance test for 2 consecutive years, the product cannot accept new members (until it passes a future performance test).

The following MySuper products have failed the annual performance test for the second consecutive year. They were closed to new members from 31 August 2022:

This means that an employer cannot make contributions to any of the above MySuper products for an employee who would be a new member, even if that MySuper product is nominated in the employee’s award or agreement.

APRA has completed the 2023 MySuper performance test covering the 2022-23 financial year.

One MySuper product failed the annual performance test for a third consecutive year and remains closed to new members:

The performance test did not result in:

• any new MySuper products closing to new beneficiaries; or
• APRA issuing a re-opening determination for any MySuper products already closed.

For further information visit:

• www.ato.gov.au/super
• www.APRA.gov.au/your-future-your-super