Another Attack on Working Peoples Retirement Savings
The passage of the Your Future, Your Super Bill last month is another attack on working people and their retirement savings. The legislation schackles workers to their current funds and new workers to their first fund, introduce performance benchmarks for super funds, and impose onerous regulations on industry super funds which for-profit funds will be functionally exempt from. The measure to schackle workers to their current fund, or first fund, upends industrial default selection.