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Aussies in the dark over superannuation stapling


On November 1st the Your Future, Your Super (YFYS) reform came into effect. It could leave many Australians tied to an underperforming super fund.


An estimated one million super fund members were found to be with superannuation funds that failed the APRA performance test - emphasising the importance of having a trusted Adviser.


Health benefits business UnitedHealthcare (UMR) have released a survey which shows that 70% of respondents were unaware what ‘stapling’ meant in relation to superannuation.


“Most people don’t know that government changes to super laws will see them stuck to their current fund. This could leave many members stapled to a dud fund that hasn’t passed the government’s own performance test.” Industry Super Australia chief executive Bernie Dean said.


He went on to say, “Being stuck to a dud fund could punch a huge hole in a person’s nest egg, and that is going to limit how much they enjoy life in retirement - people should make sure they are with a good fund.”


Being up to date with government changes to super laws, so you can position yourself favourably, is critical to ensure a happy and secure life in retirement.

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