Friends With Money #19: What does stapling mean when it comes to your super?

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So you now have the option of stapling when it comes to your super fund, but what does it actually mean?

Superannuation has undergone a raft of changes this year in a move to make the industry more transparent and accountable to members.

These reforms, known as Your Future, Your Super, include 'stapling' which will see people taking their main super fund from employer to employer when they change jobs. A new annual performance test will call out underperforming funds, which will have to improve their performance before they can take on new members.

friends with money podcast super styling your future your super

In this episode of the Friends With Money podcast, managing editor Julia Newbould is joined by Active Super CEO Phil Stockwell to find out how everyday Aussies will be affected by the new super landscape.

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Julia Newbould is the managing editor of Money magazine and is one of the hosts of the Friends With Money podcast. She was previously editor of Financial Planning and Super Review magazines; managing editor at InvestorInfo and at Morningstar Australia. Julia co-authored The Joy of Money, a book on women and personal finance. She holds a Bachelor of Economics from the University of Sydney where she serves on the alumni council.

Phil Stockwell joined Active Super as chief executive officer in 2019. Phil has more than 20 years' experience in financial services in Australia and Asia. Previously working for Eastspring Investments, the Pendal Group, Westpac and KPMG, he has held executive and senior management roles in funds management, banking, financial planning and strategy consulting. Phil is a fellow of the Chartered Accountants Australia and New Zealand and holds an MBA from UNSW, a Bachelor of Economics, and a Bachelor of Commerce from the University of Queensland.
Comments
Christina Faulk
October 27, 2021 8.36pm

When I retired from the federal public service I was advised to put some money into (now) Hesta's industry fund's TAP ( term allocated). This is now closed and the original benefits don't advantage me - worse I'm not allowed to access any money except to move to another fund. In my mid70ties,my chances of getting into another fund are minimal through a work contract - but if I did get lucky, how can I move my remaining funds out with minimum fuss ? I really need some money for urgent house repairs.