The industry has welcomed the passage through the Senate of legislation to allow couples to split their superannuation.

Investment and Financial Services Association Deputy CEO John O’Shaughnessy says allowing couples to split super in the contributions or accumulation stage will allow a couple to share their super as they accumulate it.

“We know most couples approach retirement planning together, so it makes sense to allow a couple to better balance their superannuation contributions,” he said. “Now they can plan their superannuation together.”

Mr O’Shaughnessy says the change – which some companies are ready to take on as early as the beginning of next year – will benefit both high and low-income earners.