The federal government introduced legislation that aims to improve super for everyone. Here’s some information on those reforms.
The federal government’s Your Future, Your Super legislation introduced reforms designed to simplify and improve superannuation for all Australians. These include:
Super is the key to your future, so you need to make sure it’s invested with a fund that offers strong returns1 and low fees. Compare our performance to see how choosing Hostplus today could benefit you tomorrow.
1. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.
Stapling means your super automatically moves with you when you change jobs. In other words, your super is linked – or ‘stapled’ – to you.
It aims to give you greater choice and control over which super fund you invest with.
Before stapling was introduced, unless you nominated a fund, your super was paid into your employer’s default fund. So, it’s likely that you had a new account opened for you with a different super fund each time you changed jobs. If you’ve had more than one job, you may have more than one super account – which in turn means you could have multiple sets of fees and other costs (like insurance premiums) eating away at your retirement savings.
Stapling aims to reduce the number of super accounts you have over your working life. Being stapled to one fund aims to ensure that you don’t pay more fees and costs than you need to, because you won’t have a new super account opened every time you change jobs.
You’re automatically stapled to your current super fund if you have one. When you change jobs, your new employer will provide you with a choice form (either a paper/electronic form or via their onboarding platform) where you can specify where you’d like your super contributions to be made. If you don’t return a completed choice form to your employer, they’ll contact the Australian Taxation Office (ATO) to find out what your stapled fund is. Your employer must then pay your super contributions into that fund. If you don’t have a super fund (because you’ve just joined the workforce, for example), you can either:
You can always change your super fund at any time. Stapling just means that unless you tell your employer otherwise, your super will stay with one fund throughout your working life.
Being stapled to a fund doesn’t mean your super is out of your hands. If you consolidate your super into Hostplus, you’ll only pay one set of fees. Plus, there’s the benefit of our low admin fee2, strong long-term returns3, flexible insurance offerings, and the freedom to choose the investment options that best suit your objectives, needs and circumstances.
2. Other fees and costs apply. Refer to the PDS for more information.
3. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.
To make sure super funds are better held to account, every fund must undergo an annual performance test that measures net investment returns against Australian Prudential Regulation Authority (APRA) benchmarks.
Funds that fail the test two years in a row must take steps to address their performance issues before they sign up any new members.
APRA’s MySuper performance test places greater emphasis on a fund’s longer-term results – and we’re proud that, to date, we have passed every APRA performance test since it commenced in 2021.
As a Hostplus member, you’re in one of Australia’s top-performing industry funds. Our default Balanced (MySuper) investment option is ranked the number one option over rolling 10 and 20-year periods.6
6. Source: SuperRatings Accumulation Fund Crediting Rate Survey – SR50 Balanced (60-76) Index, August 2023. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.
Your Super, Your Future legislation states that all super funds are required to act in the best financial interests of their members. It’s something we can proudly say we’ve always done – Hostplus has been helping people like you save for retirement for more than three decades.
To help you understand what’s happening with your super, we’ll provide you with clear information on how we manage your money in our member outcomes assessment, annual reports and at annual members' meetings. Want to know more? Get in touch.
It’s reassuring to know things are sorted. That’s why, when you choose Hostplus, you get the tools, services and advice you need to manage your super.
And it’s all in one place. From financial advice or reports, to calculators, guides, fact sheets and forms, you can easily find the information you need.
We’re proud that Australians across all industries choose us. Review us against our competitors to check how we compare with other funds.
Our investment options are competitive and innovative. Check our performance to see how we have delivered strong long-term returns7 to our members.
7. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.
Discover your investment risk appetite, choose the right investment option for you and learn more about super in general – we give you the tools and resources to help you navigate an often-complex topic.