Treasury announces superannuation law amendments
The Federal Government has revealed amendments to superannuation laws which are set to provide people with low cost, commission-free funds under the MySuper schemes.
Workers who have not nominated a superannuation fund will now have their wages paid into a low-cost super fund giving the average 30 year-old worker on average wages an additional $40,000 on retirement.
Assistant Treasurer Bill Shorten says the schemes will save workers up to 40 per cent in superannuation fund commission fees and those with multiple accounts will be helped to consolidate them into one account to avoid paying multiple fees.
"It's in the national interest to encourage Australians to save more for their retirement,” Mr Shorten said. “But it's also fair the superannuation industry contributes to higher retirement savings through greater efficiency and lower fees.”
The legislation will be introduced by the first half of 2012 and will be fully implemented in 2017.