All workers to be given super choice govt 20160317 p5u5p2.html – Breaking News & Latest Updates 2026
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All workers to be given super choice: govt

AAP

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Hundreds of thousands of workers are to be given a choice of superannuation funds, a move likely to hurt industry funds.

About 800,000 people on enterprise agreements have a restricted choice of fund, Assistant Treasurer Kelly O'Dwyer told parliament.

Under legislation she introduced on Thursday, they will be able to swap funds from July 1.

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Being unable to choose a fund could force some employees to maintain multiple accounts, exposing them to multiple fees and insurance premiums and potentially reducing their retirement income, Ms O'Dwyer said.

In a separate measure, the minister introduced a bill to force super funds to be more open.

The measure forces funds to develop "dashboards" - which provide key information such as targets, returns and risk - for their top 10 investment options and to disclose most of their investments.

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