View source for Superannuation Changes For Aussie Workers Will Save 17billion In Fees

Huge changes to superannuation law that will put money back into Australians' pockets have cleared parliament.<br>The contentious superannuation laws which the government says will boost savings and cut fees have cleared parliament.<br>But the federal government was forced to delay the changes until November 1.<br>Currently, workers often unknowingly open many small accounts and get signed up to default insurance, attracting multiple fees.<br>From November,  [https://www.garnelenshop-bayern.de/Collar AquaLighter] workers will be 'stapled' to their existing super fund when they change jobs.<br>'Let's not forget that Australians pay more than $30billion in superannuation fees and charges every year,' Treasurer Josh Frydenberg said on Thursday.<br>       The overhaul of the $3.2trillion superannuation pool will save consumers more than $17billion, according to the government <br>'Yet many Australians don't know the amount they have in super or indeed that it is their money to access.'<br>He said the overhaul of the $3.2trillion superannuation pool will save consumers more than $17billion.<br>The laws also benchmark performance and shuts down access to poorly performing funds.<br>But critics say it will trap millions of people in dud products, including super funds slammed for dodgy dealing by the banking royal commission.<br>The Industry Super Australia organisation says the government has given poor super products a leg up at the cost of the workers they are fleecing with their high fees and lousy performance.<br>People in blue-collar jobs or people working in new riskier jobs may not be covered by their old insurance.<br>'Young workers who will move into hazardous sectors like building and construction deserve superannuation legislation that recognises their unique needs,' Cbus chief executive Justin Arter said.<br>         'Let's not forget that Australians pay more than $30billion in superannuation fees and charges every year,' Treasurer Josh Frydenberg (pictured on Thursday) said<br>A proposed review by Treasury will examine occupational exclusions in insurance.<br>Labor opposed the changes and independent senator Rex Patrick failed to extend performance tests to more retail super products during the hard-fought final two days of debate.<br>The government had already removed a contentious veto power for the treasurer over funds' investment decisions.<br>Labor leader Anthony Albanese said there were those in the government who believed it was 'time to kill superannuation stone dead'.<br>   RELATED ARTICLES              <br><br><br><br>Share this article<br>Share<br><br><br>'That is the view of the Liberal and National parties when it comes to workers having decent retirements and having dignity in their later years,' Mr Albanese told [https://discover.hubpages.com/search?query=parliament parliament].<br>'They are not content to trash the aged care system - they want also before people get to aged care to have a pretty bad retirement.'<br>Centre Alliance senator Stirling Griff said the amendments addressed many of the problems in current rules that effectively reduced retirement incomes.<br>'Our changes will mean millions of Australians will retire with more money in their super and a better, more dignified retirement,' Senator Griff said.<br>