With the start date of the Super Choice regime only weeks away, Federal Assistant Treasurer Mal Brough has cut the six-month waiting period some fund members would have been subjected to when rolling over their super funds.

Mr Brough says the regulations will mean consumers have greater control over who manages their superannuation benefits and will reduce the impact of fees and charges that arise when consolidating multiple accounts.

“For most people, superannuation is their second largest investment after the family home and people should have similar flexibility with managing their super as they do in choosing and comparing mortgage providers for home loans,” he said.

“Australians are best placed to make decisions about their own retirement savings, and providing a more flexible environment for them to do that has always been high on the Government’s agenda.”