Your Future Your Super legislation fatally flawed

  • 26 April 2021

The ACTU has urged the Senate crossbench to reject the Federal Government's Superannuation legislation in its entirety stating the Your Future, Your Super Bill remains fatally flawed. If Your Future, Your Super is passed the Government would staple workers to dud funds and to funds which have not been subjected to performance benchmarks from the 1st of July 2021, condemning more than 1 million workers to a poorer retirement. While default products will be benchmarked in July, the scrutiny of largely bank-owned for-profit Choice products is baselessly delayed until 2022. Further, some Choice products like those that were excoriated by the Banking Royal Commission for losing money on large balances are excluded. The legislation also continues to permit the Minister to cancel investment from super funds at a whim, even if investments are in members’ best interest. This puts at risk investment in job creation during the economic recovery as well as working people’s retirement savings. The legislation contains further provisions which would lump trustee directors into the same camp as terrorists, with a reverse onus of proof test that would, in effect, not apply to for-profit funds. Hands off our Super.