Since the effects of the Your Superannuation, Your Choice Bill won’t come into effect until the 1st of January 2021, you likely won’t be able to change super funds until after this date. However, the interim period provides a great opportunity to revisit discussions surrounding your super you may have previously had with your financial advisor.
When you first sat down with us in our initial meetings, it’s likely that we would have discussed what you’d like from your super fund, your specific financial goals and risk tolerance, and any ethical considerations you may have. Your financial advisor may also have recommended a fund that would suit your particular financial needs.
With the implementation of the effects of the Your Superannuation, Your Choice Bill in the new year, now has never been a better time to touch base with your advisor to confirm whether this super fund is still right for you.
Once you’ve confirmed the suitability of your chosen super fund, you will then need to enter into a new agreement with your employer after the 1st of January 2021 to begin the process of moving your current super into your new fund. The team at My Wealth Solutions can provide you with more information on how you can do this closer to the date the effects of the bill are introduced.
If you, or someone you know, is currently under an EBA agreement but would like to change to a super fund that is more in line with their financial goals and eliminate multiple super accounts, we’d recommend getting in touch with your financial advisor to get your super sorted today!