On the 21 September 2011 the Assistant Treasurer and Minister for Financial Services and Superannuation released the government’s position on the ‘Stronger Super’ reforms, which are designed to improve the super system and better safeguard the retirement savings of all Australians.
This measure was announced as part of the government’s broader Protecting Workers’ Entitlements Package.
From 1 July 2013, super funds will be required to either:
- issue six monthly statements to members which show contributions made
- report electronically to members on whether they have ‘received’ or ‘not received’ any super contributions for the quarter.
This policy will help ensure that super entitlements are paid in a timely manner and that employees are given more timely information about their super.
*These proposed changes are not law as they have not been passed by parliament or received royal assent.
For more information and clarification on how this may affect your super, please give us a call on 02 6652 8788.