'Outdated' Rule Causes Millions to Lose Superannuation The outdated regulatory provision causing millions of Australians to lose superannuation is Section 286 of the Superannuation Industry (Supervision) Act 1993.
This rule has remained largely unchanged despite significant changes in the workforce and social landscape, affecting individuals who have changed their employment status without updating their superannuation fund.
What is the 'Outdated' Rule and How Does it Affect Superannuation? The outdated rule affects individuals who have switched from being an employee to self employed or vice versa.