Superannuation will now observe Australians once they change jobs after new legal guidelines got here into impact on Monday.
Superannuation accounts will now be stapled to employees, making certain new employers pay tremendous contributions into present accounts in a bid to keep away from costly double ups and misplaced cash.
Treasury estimates $2.8 billion might be saved from duplicate charges and misplaced curiosity returns over the subsequent decade, with round 850,000 duplicate accounts created yearly.
Workers are nonetheless in a position to nominate a distinct tremendous account.
The brand new legal guidelines deal with a key advice of the banking royal fee and construct on measures applied beneath the Your Future, Your Tremendous reforms.
The federal government estimates these reforms will save Australian employees virtually $18 billion over the subsequent decade.
