Your Future Your Super (YFYS) Superannuation Legislation

On 17 June 2021 the Government passed the Your Future Your Super (YFYS) superannuation legislation.
As part of this reform, a new law took effect on 1 November 2021 ‘stapling’ you to one super account. This means that your super account will now be linked to you through the Australian Tax Office (ATO) and that your super will follow you when you change jobs. 

What does this change mean for me?

You are stapled to one super account and will take this account with you from job to job, unless you actively choose a different super fund.

When you start a new job, your employer will give you a Choice of Fund form to nominate your super fund. Unless you give your employer the completed Choice of Fund form (PDF) to nominate your super fund, your employer must search for your stapled super fund account via the ATO and manually update their payroll system with your super fund details. This means that your super payments will be automatically deposited into one of your existing super accounts.

The aim of this new law is to limit the number of super accounts that you have in order to maximise your retirement savings. But this new legislation could also have serious implications for you if you work in the building and construction industry as not all super funds provide the right insurances for working in a hazardous occupation.

How do I remain insured with Cbus?

To remain insured with Cbus, when joining a new employer, make sure you complete the Choice of Fund form (PDF) electing Cbus as your preferred fund. If you have multiple funds and don’t elect a fund, ATO Online will determine your stapled fund based on a set of rules. These may include factors such as when the account was created, how recently contributions were made and the account balance.

What else do I need to know?

This new law has serious implications for young people new to the building and construction industry as they’re likely to be stapled to a fund that doesn’t provide default insurance appropriate for their new job. New workers are at risk of being uninsured or not having the right insurance that covers hazardous work such as working from heights, on structures or with heavy machinery. Check who your super is with using the ATO online services via myGov to ensure that you  are with Cbus and aren’t paying for insurance that won’t deliver in the event of an accident.  

We are here to help you stay on top of the YSYF changes and will update the above page as more information comes available.

For more information

Speak to your local Cbus Coordinators

Contact Cbus Advice Services 1300 361 784 (Monday to Friday, 8.30am to 6pm AEST)


Visit Cbus in person in Adelaide, Brisbane, Melbourne, Perth and Sydney