Find out about legislative changes that could affect you.
Overview of super and pension changes in 2021
Super contribution caps are going up
The caps on concessional and non-concessional super contributions will increase from 1 July 2021, meaning you may be able to put more money into super if you choose to. Read more.
Transfer balance cap will increase to $1.7 million
The amount of super savings that can be transferred to a retirement pension will increase from $1.6 million to $1.7 million on 1 July 2021, but not for everyone. Read more.
Other legislation that came into effect in 2020/19
Putting Members' Interests First
This legislation came into effect on 1 April 2020. It aims to prevent certain people from being charged for insurance inside super that they may not need. It affects:
- members with a super balance under $6,000
- new members aged under 25.
Protecting Your Super
This law came into effect on 1 July 2019. It aims to protect super balances from becoming eroded by fees and insurance premiums in accounts that haven't received a rollover or contribution for 16 months. Read more.
Like to know more?
If you'd like to know more about how super and pension rules could affect you, speak to your financial adviser. If you don't have an adviser and are after some advice, you can call AMP on 131 267 or use our find an adviser search function to locate one nearby.
What you need to know
Any advice and information is providedby AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account.
It’s important to consider your particular circumstances and read the relevant product disclosure statement, or terms and conditions, available from AMP at amp.com.au, or by calling 131 267, before deciding what’s right for you.
You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hardcopy. All information on this website is subject to change without notice. AWM Servicesis part of the AMP group.