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Sweeping superannuation changes to drastically impact retirement savings

People who change jobs will no longer have new superannuation accounts automatically opened, under a new strategy introduced in the 2020 Federal Budget.

“This is one that has impacted on a whole range of people that talk to me,” Ray Hadley said.

“They go from one job to another and end up with three super accounts, and they can’t keep track of them.

“In the end … there’s nothing left because the fees have taken all the money!”

Finance Minister Mathias Cormann told Ray the new measure has been introduced to rectify a “completely and utterly unnecessary” situation.

“This is one of a series of measures that is really designed to empower people to take better control of their retirement savings.”

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Image: File