All workers to be given super choice: govt
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.
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.
Share a tip-off, video or photo with us
Most viewed in Australia
Family-run IGA calls out Woolworths after workers scope out their grocer
‘Criminally responsible’: Teen drone operator charged with murder over mistaken identity shooting
Footage reveals moment person of interest in Jessica Zrinski’s death found living inside a cave
WA teen forced to sleep on emergency room floor in excruciating pain for 14 hours