Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

Thank you, Senator Chandler. The reforms announced in the 2021 budget the Your Future, Your Super package will create efficiencies, reduce costs and reduce duplication through four measures. First, that's done by ensuring that superannuation follows you when you change jobs. This will stop the creation of unwanted multiple accounts that reduce retirement savings through duplicate fees and insurance premiums. Second, it's done by introducing a new and interactive online YourSuper comparison tool. This will empower members to make better decisions about who manages their retirement savings. The YourSuper tool will help members compare and select MySuper products that best meet their needs. Third, it's done by holding funds to account for underperformance by introducing an objective performance test. Funds that fail that test will be required to inform their members. If they fail in two consecutive years, they will be stopped from taking new members. And, fourth, it's done by increasing transparency and accountability, ensuring that trustees act in the best financial interests of members to maximise their retirement savings. (Time expired)