HomeBlogYour super will be ‘stapled’ – what does that mean?
As part of the Your Future, Your Super reforms, stapling will come into effect from 1 November 2021.
What’s new -
Stapling means your existing super fund will automatically follow you when you change jobs.
This reform aims to stop multiple super accounts from being created each time you switch jobs.
Having one super account means you won’t pay any duplicate fees
How does stapling affect me on my first day of work?
If you only have one super fund, you should have one less piece of paperwork to fill out! Your employer can look up your account with the ATO and assign the super fund that has been stapled to you.
If you have multiple super funds, the ATO will determine which super fund will be stapled to you based on a set of rules. To overrule this, you can hand in your pre-filled super nomination form so you know exactly where your super will be paid.
However, if it’s your first job or you don’t have a super fund, you will still need to nominate a super fund.
You can do this by joining a super fund yourself and providing your employer the details. If you don’t nominate a super fund, your employer will be required to create an account with their default fund.
What happens when I join a new super fund while I’m working?
Even though you are “stapled” to a super fund, you have the choice to request to change super funds at any time. Simply;
Join the super fund directly
Tell your employer your new super details
Consider combining your super
For example, if you have recently joined Student Super, you can use the ‘Tell your employer’ feature or hand in your pre-filled form. Your next super payment should be paid into your Student Super account. You should log in to your super account and check your payslips to ensure your super is being paid correctly.
Then you can use the ‘Find or combine my super’ feature to find the other super accounts. You can choose which accounts you’d like to combine into Student Super. If you transfer all your accounts into Student Super you will have one account and it will become “stapled” to you for future jobs!
What if I want to change the super fund I’m stapled to?
You can request to change super funds at any time. If you want to switch your super fund, you can join another one directly and provide your employer with your super nomination form.
It’s a good idea to log into your super account regularly to stay on top of your superannuation. Super funds provide annual statements and information on their websites so you can keep you up to date with your fund’s performance.
Looking super organised before your first day at work is easy! Student Super has zero fees for balances under $1,000 so you can join before you get a job. Find out more.
This is general information only and does not take account of your individual investment objectives, financial situation or needs. Before acting on it, consider if the information is appropriate and whether you need to speak to an accredited professional.
You should also consider the Product Disclosure Statement and Target Market Determination before making any decision. This product is issued by Diversa Trustees Limited (ABN 49 006 421 638; AFSL No. 235153; RSE Licence L0000635) as trustee for Student Super Professional Super which is a sub-fund of the Tidswell Master Superannuation Plan (ABN 34 300 938 877, RSE R1004953). Professional Superannuation Management Pty Ltd (ABN 31 617 160 791; AFSL No. 499786) is the Founder and Promoter of Student Super Professional Super which is marketed under two brands; Student Super and Professional Super.
Past performance is not indicative of future performance.