Page 4 - Senior Scene Melb 2021
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                 he passing of legislation  working life and continuing for
                 that encourages super  up  to 30 years in retirement,
      “Tfunds to improve invest- even small gains in investment
       ment performance, lower their  performance  and  lower  fees  can
       fees, increase member engage- significantly increase retirement
       ment and prevent duplicate super  incomes”, said Mr Strandquist.
       accounts is welcomed by retir-         “The ‘Your Super’ comparison
       ees,”  said  Mr Wayne  Strandquist,  tool will enable super fund mem-
       President of the  Association of  bers  to  compare  the  investment
       Independent Retirees.                performance  and  costs  of  their
        “With superannuation accumu-  fund and switch to a better per-
       lating for at least 40 years of  forming fund if appropriate”, added

                                                                                  Mr Strandquist.                       managed and spent members’
                                                                                   “Super funds will be bench- retirement savings during the pre-
                                                                                  marked via an annual perfor- vious year”, said Mr Strandquist.
                                                                                  mance test including fees. If a fund   “The new legislation also ensures
                                                                                  fails the test, members of the fund  that a new super account is not
                                                                                  must be informed. APRA will have  automatically created  each time
                                                                                  the ability to prevent persistently  a worker changes their employer.
                                                                                  underperforming  super  products  Your super account will follow
            Local skilled Carpenter doing all works                               from taking on new members”,  you (also called stapling) thus pre-

          from Decking and Renovations to plaster                                 explained Mr Strandquist.             venting the creation of unintended
                                                                                   “The superannuation reforms  multiple super accounts with
                patches and swapping over doors.                                  also increase accountability by  duplicate fees and insurance pre-

        Give Keith a call 0447 777 559                                            compelling superannuation trust- miums. With approximately 6 mil-
                                                                                  ees to act in the best financial  lion multiple super accounts in the
                                                                                  interests  of  their  members  and  system and about 850,000 created
                          E:                            ssm37197  increase transparency with bet- every year, this reform is most
                                                                                  ter information about how they  welcome,” said Mr Strandquist.

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