As part of the Your Future, Your Super reforms, stapling came into effect on 1 November 2021.
So, what is 'stapling'?
- 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 Cruelty Free Super, you can use the ‘Tell my employer’ feature or hand in your pre-filled form. Your next super payment should be paid into your Cruelty Free 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 ‘Transfer my super’ feature to combine other super accounts. You can choose which accounts you’d like to combine into Cruelty Free Super. If you transfer all your accounts into Cruelty Free 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.
