Your Future, Your Super legislation and supporting material
The Government’s Your Future, Your Super (YFYS) reform package was announced in the 2020-21 Budget. The Treasury Laws Amendment (Your Future, Your Super) Act 2021 (the YFYS Act) came into effect on 1 July 2021, with supporting regulations made on 5 August 2021.
- The YSYF Act is available here: https://www.legislation.gov.au/Details/C2021A00046
- The Treasury Laws Amendment (Your Future, Your Super—Addressing Underperformance in Superannuation) Regulations 2021 is available here: https://www.legislation.gov.au/Details/F2021L01077
YourSuper Comparison Tool
One of the key reforms included in the Your Future, Your Super reform package was the creation of a new interactive online YourSuper Comparison Tool aimed at consumers. The Tool was built by the Australian Taxation Office and is available here: https://www.ato.gov.au/Calculators-and-tools/YourSuper-comparison-tool/
The information displayed in the comparison tool is collated and supplied by the Australian Prudential Regulation Authority (APRA).
From September 2021, the tool will show how APRA assessed the annual performance of each MySuper product. Until then, all products will show as Not assessed in the Investment Performance column.
Information paper on combining MySuper product performance histories
On 16 August 2021, APRA released an information paper on its approach to administering the annual performance test for superannuation products, with a focus on APRA's methodology for combining investment performance in the performance test.
The information paper is available on the APRA website at: APRA releases information paper on combining MySuper product performance histories.