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What is 'Your Future, Your Super'?

Government changes to insurance in super

Protecting super balances from the cost of insurance members may
not need, want or be able to claim on

The ‘Your Future, Your Super’ reforms (YFYS Reforms) were passed in June 2021. They aim to improve the super system for members and to make your super work harder for you, allowing you to live better in retirement. There are four key areas which are explained below.

Super fund 'stapling'

Stapling means you will keep your existing super account if you change jobs, unless you decide to change which fund manages where your super is invested. This is meant to make things easier, your super can follow you from job to job, removing the hassle of maintaining multiple super accounts, with potentially multiple fees and insurance premiums.

From 1 November 2021, a new super account won’t be created automatically every time you start a new job. You can start a new job knowing your employer and the Australian Tax Office (ATO) will ensure your super contributions will be paid into your ‘stapled’ account.

Stapling process explained (PDF, 103KB)

YourSuper comparison tool

The ATO has a new interactive, online YourSuper comparison tool that makes it easy for you to compare super funds and choose who you would prefer to manage your super.

YourSuper tool 

Performance test

A new annual performance test will hold super funds accountable for underperformance. The performance test will compare a product’s investment returns with a benchmark return and fees – enabling members to compare fund performance. The results of the annual performance test will be reflected on the YourSuper website from 1 September each year. The results will be expressed as ‘performing’, ‘underperforming’ or ‘not assessed’.

Whilst performance has always been a primary focus, super funds will now be required to demonstrate with this additional layer of transparency that they’re aiming to provide the best outcome for their members.

How has Plum MySuper been performing?

Members’ best financial interests

The Best Financial Interest requirements are designed to “sharpen the focus” of super trustees, ensuring decisions, such as those on expenses, are in the best financial interests of members. There are also additional requirements for Trustees to make additional information available to members as part of the Annual Member Meeting.

Frequently asked questions

We have set out below some frequently asked questions to help you navigate and keep up to date with the new laws.


  • Super fund ‘stapling’ commences on 1st November 2021.

  • No action is required from you due to stapling.

  • If you would like to change your super fund you will need to fill out a ‘choice of fund’ form, such as ours available here or at the ATO. Alternatively if you want to maintain your existing fund you don’t need to do anything.

    Need more detail? Stapling process explained (PDF, 71KB)

  • You can check which accounts will be assessed for stapling via MyGov or the ATO.

  • If you have two or more super funds, the ATO will generally determine that the appropriate default, or stapled fund, is the fund that has received the most recent employer contribution.

  • No, the employer will check with the ATO which is the ‘stapled’ fund when you change jobs.

  • You can change your stapled fund by giving your employer a completed ‘choice of fund’ form, such as ours available here or at the ATO.

Annual Performance Test

  • The Australian Prudential Regulation Authority (APRA) will conduct an annual, objective performance test based on historical returns against a benchmark performance including administration fees paid by the member within the last financial year.

    For the 2021 year, only MySuper products are subject to the annual performance test. From 2022, other superannuation products (known as Trustee Directed products) will be included.

  • The performance test is conducted annually by APRA for the year ended 30 June. The results of the performance test need to be published on the APRA website by 31 August, with the results incorporated on or around 1 September every year on the ‘YourSuper’ website.

  • The performance test will show that a product is either ‘performing’, ‘underperforming’ or is ‘not assessed’.

  • Following notification by APRA, super funds that have products that are deemed to be ‘underperforming’ will need to notify members of this in writing. If a product has not passed the performance test for two consecutive years, the product will not be allowed to accept new members into the product.

    Underperforming funds will also be listed as ‘underperforming’ on the ‘YourSuper’ website until their performance improves.

  • Members who hold the product must be advised by the fund in writing (via letter and email) of the underperformance within 28 days of receiving notification from APRA. Super funds with underperforming products will also be required to notify prospective members of the underperformance via the fund’s website.

YourSuper comparison website

  • The following information is provided by APRA and shown on the tool for 80 MySuper products:

    • Super fund investment performance

      Performing – the product has met or exceeded performance test benchmarks
      Underperforming – the product has not met the performance test benchmarks
      Not assessed – the product has not been rated by APRA

    • Annual fee – the annual fee is calculated based on the super balance entered into the comparison tool. The amount displayed is the result of a formula provided by APRA and based on the account balance (either the actual account balance, pre-populated or default of $50,000).

    • Net return – is the annualised rate of return received from an investment, after administration fees, costs, taxes and advice fees have been paid. From 1 July 2021 the results will present net returns over 6 years and then be updated to 7 years when investment performance data becomes available to the ATO (expected to be in September 2021).

    The results are presented in columns in the following way:

    • Fees – low to high
    • Net return – high to low
    • Underperforming products will always be presented last in the results list
  • MySuper products are being assessed, and this will be expanded to include Trustee Directed Products in July 2022.

    Click here to learn more about Plum MySuper products.

  • Go to the following link to find more detail around Plum MySuper performance.

Plum MySuper

  • For the 2021 performance test APRA has rated Plum’s MySuper product as ‘performing’.

    For the year ended 30 June 2021, Plum’s MySuper Growth portfolio delivered strong investment returns, achieving a return of 20.3% (All returns are net of investment fees and tax considerations and do not include administration fees and costs). The strong performance of Plum’s MySuper Growth portfolio has resulted in the product being ranked highly by independent research houses, such as:

    • ChantWest1 which ranked MySuper Growth portfolio as the 6th highest performing MySuper option for the year ended 30 June 2021;
    • SuperRatings2 which assessed MySuper Growth portfolio as the 7th highest performing MySuper option (out of 50) within the SR50 MySuper for the year ended 30 June 2021; and
    • SuperRatings3 which noted the Plum MySuper product “has exceeded its investment objective and achieved strong peer relative performance when compared to other MySuper options since the changes were made to our investment strategy from March 2019.”

    For more information on Plum’s MySuper performance click here.

  • The performance test applies to the MySuper product within the Plum Super Fund. This does not relate to other products or investment options you might be invested in.

    As the circumstances of each person’s superannuation fund, including the investment options you have selected, are unique it is important you check the details of your own fund. To find out if this relates to your super fund, you can either refer to your annual benefit statements or visit the website.

    It is important to note that the performance test is based on standard fees. If you are within an employer plan any applicable discounts or employer subsidisation arrangements are not reflected in the results of the test. You should consider these before making a decision on your superannuation, including the products and investment options you are invested in.

  • The investment strategy for the Plum MySuper product changed on 22 March 2019. The Plum investment return webpage only shows MySuper returns that were achieved since March 2019 when the investment strategy changed.

    YourSuper uses the historical returns from the Plum MySuper product over the last 7 years. This includes returns achieved under previous investment strategies that have now changed.

  • The circumstances of each person’s superannuation fund, including the investment options you have selected, are unique. To find out the performance of your superfund, you can either look at your annual benefit statements or visit the website.

1 ChantWest, Multi-Manager Survey June 2021, 13 August 2021, MySuper Growth net returns for period to 30 June 2021, page 11
2 SuperRatings, Fund Crediting Rate Survey June 2021, MySuper Growth net returns for period to 30 June 2021, page 20
3 NULIS analysis based on SuperRatings, Fund Crediting Rate Survey March 2019 to June 2021