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What is stapling, and why is it good news?

Superannuation  |  13/07/2021  |   5 min read

Australia’s superannuation system is considered one of the world’s best. It was ranked 4th in the world by the 2020 Mercer CFA Institute Global Pension Index, coming in behind The Netherlands, Denmark and Israel.   

But there’s always room for improvement. For example, many Australians still have multiple super accounts, which has been an area of concern for the industry.

In the past, if you switched jobs and didn’t nominate an existing fund, a new super account would be created for you. This meant some people ended up with several accounts, paying fees for each one.

The new stapling legislation that comes into effect on 1 November aims to fix that problem. 

What is stapling? 

Stapling means your existing super account automatically follows you when you change jobs. That cuts down on paperwork, duplication, and means you’re not charged a second (or third, or fourth) set of fees on your super. Your super payments will simply be automatically deposited into your existing account. 

Think of it like a faithful old dog that comes with you when you move home. The previous system meant you picked up a new dog with every move, until you suddenly found yourself knee deep in beagles, schnauzers and poodles, all of them demanding your attention and needing to be fed and looked after.  

Of course, you can still change super funds if you want to, but if you don’t make an active decision about your super you’re not penalised with additional fees and paperwork.  

Super Reforms

Stapling is one aspect of recent “Your Future, Your Super”  reforms that  have been passed into law.   

It is joined by three other new measures:  

  • A new YourSuper comparison tool to see how default MySuper products compare. 
  • A super fund’s duty to act “in the best financial interest of their members,” is now a legal obligation. 
  • Underperforming super funds will be ‘named and shamed’. 

What can you do? 

Stapling doesn’t start until 1 November 2021. That gives you a couple of months to make sure you’re super is sorted.  

If your employer is already paying your super contributions to Equip  

If you’ve been thinking about finding lost super and consolidating multiple accounts there’s never been a better time.  

Bringing all your super together under Equip means your account will follow you throughout your working life. No additional paperwork required. It also means you won’t be paying unnecessary fees on lost or forgotten accounts.   

Consolidating with Equip is as easy as logging into your account and selecting ‘Find My Super’ from the menu. 

If Equip isn’t your main super fund  

If you want your future super contributions ‘stapled’ to Equip you’ll need to let your employer know. The good news is it’s easy. Simply fill out a Standard Choice Form and give it to your employer.  

In the meantime, you can still consolidate your super with Equip by logging into your account and choosing ‘Find My Super’ from the drop-down menu. 

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This information is provided for general information only. It does not take into account your personal objectives, financial situation or needs and should therefore not be taken as personal advice. You should consider whether it is appropriate for you before acting on it and, if necessary, you should seek professional financial advice. Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr") is the trustee of the Equipsuper Superannuation Fund ABN 33 813 823 017 ("Equip" or "The Fund"). Past performance is not a reliable indicator of future performance.

Togethr Financial Planning Pty Ltd (“TFP”) (ABN 84 124 491 078, AFSL 455010), trading as Equip Financial Planning, is licensed to provide financial planning services to retail and wholesale clients. TFP is owned by Togethr Holdings Pty Ltd (ABN 11 604 515 791). You can obtain the TFP Financial Services Guide and/or Privacy Statement by contacting our Helpline on 1800 682 626. This is general information only and does not take into account your personal objectives, financial situation or needs and therefore should not be taken as personal advice.

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