Product and super changes - November 2020

Super Informed
Super and policy news
17 Nov 2020
2 min read

A recent change to super laws will allow members to choose their super fund from January next year, while the 2020 Federal Budget aims to change the way super works for new members and those changing jobs.

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Choice of Fund

The Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020 has amended the Superannuation Guarantee (Administration) Act 1992, allowing employees in the higher education sector to choose their super fund, except members who’ve been in the Defined Benefit Division (DBD) for more than 2 years.

While the change introduced by the Act is effective from 1 January 2021, the law will only apply to new enterprise agreements (EAs) made on or after 1 January 2021. Until then, there are no changes and default arrangements remain in place.

Choice of Fund and existing UniSuper members

Once a new EA has been made and ratified, the following will apply to each of our member categories:

Accumulation 1 and 2: Members will be able to choose their super fund, after EAs made on or after 1 January 2021 come into effect.

Existing DBD members: There’s no impact if you’ve been in the DBD for more than 2 years. You’re generally required to remain in the DBD until your employment terminates, with no change to the current rules.

If you’ve been a DBD member for less than 2 years: You can choose to move to Accumulation 2 or stay in the DBD. Under the new rules, if you move to Accumulation 2 you have the option of moving to another super fund (following the introduction of a new EA). Make sure you read about which product is right for you before deciding to transfer to Accumulation 2.

If you’d like more information, call us on 1800 331 685.

Federal Budget

With the Budget’s aim to kickstart the economy after COVID-19, the proposed measures centred around jobs and support for Australians, along with some changes to the way super works for new members and those changing jobs. The Budget also formally includes the previously announced ‘COVID-19 early release of super’ scheme.
Read more about the key announcements and the potential impacts for you.

Privacy Policy update

To operate and provide you with our products and services, we may transfer or disclose your personal information to overseas entities (in some circumstances). From September 2020, we broadened the list of countries we may transfer or disclose your personal information to. Download the Privacy Policy (PDF, 95 KB).

 

 

Get super smart from home

Our webcasts are available to all UniSuper members, live or on-demand. They’re an easy way to learn about super, retirement and money matters, where and when it suits you.

Benefits include:

  • Convenience – the flexibility of accessing our online learning platform wherever you are
  • Interactive delivery – a supportive environment to ask questions
  • Relevant content – a range of retirement topics to choose from
  • No additional cost – they’re free to attend.

Advance your super and finance knowledge from the comfort of your own home. Browse our available webcasts to see what interests you.

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