Cbus says superannuation ‘stapling’ has failed, causing more harm than good, and calls for an overhaul of the policy.
The $70 billion superannuation fund for construction workers wants the federal government to overhaul a key pillar of reforms introduced last year which “staple” members to their first fund, voicing concerns for young workers in dangerous jobs.
introduced the Your Future Your Super laws and aimed to improve member engagement and performance, and reduce fees. It included a performance test that bans underperforming funds from accepting new members, and a “stapling” measure that ties workers to one fund.
Arter said young people tended not to pay as much attention to their super or insurance policy, and they were finding young workers and apprentices entering the construction industry without any insurance cover. Super policy expert Alex Dunnin from Rainmaker said he understood Cbus’ concerns, but stapling had been introduced to make it easier for fund members when they change jobs, and to stop employers pushing new workers into funds the company likes, but the worker may not.
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