From 1 November 2021, employers need to ensure that their
employee onboarding processes, payroll systems and contracts comply
with the Government's new
super stapling requirements. These new rules are aimed at
reducing the number of superannuation accounts that are established
each time an employee commences a new role.
What has changed?
Under the current regime, when a new employee commences,
employers are required to offer its new employees with a choice of
superannuation fund. Where an employee does not nominate a
superannuation fund, the employer has the ability to pay super
guarantee contributions on behalf of the employee into its chosen
default superannuation fund.
From 1 November 2021,
new legislation means that employees may carry with them a
'stapled' superannuation account – being an existing
superannuation account that is stapled or linked to an employee and
that the employee can continue to use if they change jobs.
