Your super will be stapled
Read time: 2 mins 32 secs

Your super will be stapled

To stop the creation of unnecessary super accounts, the government will introduce a system where you will keep your existing super fund when you change jobs.

Under the Your Future, Your Super reforms, from 1 November your next employer will be required to check with the Australian Taxation Office (ATO) online to find your existing super account and pay contributions into it when you change jobs, unless you nominate a different account first.

In the past, you might have had a new super account created for you when you joined a new employer, even if you already had an account with a different fund. Having fewer super accounts can save you money on fees and make it easier to keep track of your super.

What is super stapling?

Introducing super stapling means working Australians will be stapled to one super fund for life unless they choose otherwise. 

In essence, you will be encouraged to have only one super account at a time for the purposes of receiving your employer’s compulsory superannuation contributions.

If you have never had a super account before, you will need to choose one, or your employer will create an account for you with their default super fund.

Why is stapling being introduced?

Stapling is aimed at stopping the creation of multiple unintended super accounts and the erosion of super balances through paying multiple fees.

If you changed jobs multiple times over your working life, and never nominated a super fund, you may have multiple super accounts with different super funds, all charging separate fees and/or insurance premiums.

The Government says stapling should result in 2.1 million fewer unintended super accounts over the next 10 years and will boost balances in super by about $2.8 billion by avoiding duplicate fees and lost returns.^

Why you need to make an informed decision about your super

Making informed choices about super reduces the potential to be stapled to a super fund that may not lead to the best retirement outcome.

Employees should regularly review their fund's investment returns (to make sure they are strong) and fees (to make sure they are competitive). A good time to review your super is when you change jobs and/or when you receive your annual statement from your existing super fund.

How stapling could affect you

Before 1 November 2021

  1. If you choose an eligible fund, super guarantee (SG) contributions are paid to that fund.
  2. If you do not choose an eligible fund, SG contributions are paid to the employer’s MySuper default fund.

From 1 November 2021

  1. If you choose an eligible fund, employers must pay your SG contributions to that fund.
  2. NEW - If you start a new job and do not choose a fund, your employer will need to check on the ATO portal and identify if a stapled fund exists for you. If one does exist, they must pay your SG contributions to that fund.
  3. NEW – The ATO will notify you (the employee) of a stapled super fund request and the fund details that have been provided to your employer.
  4. NEW - If you start a new job and do not choose a fund and the ATO cannot identify a stapled eligible fund for you, then your employer will pay the SG contributions into your employer’s MySuper default fund.


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