YFYS working group meeting - 20 May 2021

At this meeting the discussion points were:

• all members agreed to the discussed terms of reference. The frequency of these meetings may change depending on preparation requirements
• the October 2020 Budget announced a major super package which introduced the Your Future, Your Super reforms. This would allow an employee’s super fund to be ‘stapled’ to them whenever they move jobs unless an election is made by the employee:
  • to notify the employer of a different super fund to pay contributions to or,
  • the employee chooses the employer’s preferred super fund, or
  • where the employee does not have a stapled fund and does not exercise choice – the employer may default the employee into the employer’s chosen default fund
• it was confirmed that the measure only relates to payments that fall under the Super Guarantee legislation. Several considerations for the design were put forward by the group such as defining the scope and key terms, and the requirement for an employment relationship to be established at the time of the request.

Key messages for this working group are available in Online Services for DSPs

The secretariat of the Your Future Your Super (YFYS) working group can be contacted by email at DPO@ato.gov.au