The reforms included the scrapping of the $450 a month income level which had meant people earning that amount or less did not receive the employer contribution under the superannuation guarantee.

That was felt by women mostly who often worked in part time or lower paid jobs. As many as 300,000 people could benefit from the change, according to the industry.

But it was only one change adopted under legislation.

The Government has also lowered the age limit for the downsizer scheme from 65 to 60. This would help people nearing retirement by allowing them to sell their home and downsize. They can then convert the equity they gained through the downsizing to the superannuation income.

It has also removed the work test for those aged from 67 to 74, which QSuper said would help older members continue to build a retirement balance.

QSuper said the downsizer scheme was expected to be a popular measure. In 2020-21 more than $160 million was diverted to superannuation for QSuper members through this scheme. The average contribution was $219,000 and the average age of those taking part was 73.

“A 60-year-old adding $300,000 to their super balance would be able to draw an additional tax-free income of almost $20,000 a year,” QSuper said.

QSuper also said the removal of the $450 a month income threshold “could mean tens of thousands more in retirement savings for women” who often reduced their working hours to care for family members.

The fund said that now the threshold had been removed a 40-year-old woman who earned $449 a month could boost their super by almost $30,000 by the time they reached retirement at 67.

Super Consumers Australia said the $450 income level was a dinosaur and its removal was a step towards a fairer system when it comes into effect on July 1.

SCA director Xavier O’Halloran about 300,000 Australians were missing out on super because of this rule.

O’Halloran says the rule was a relic of a previous era before digital payrolls, and any justification for it remaining had long passed.

“However, there is still work to do to make sure the retirement system is fair for all Australians. We know that carers and those who take parental leave are missing out on super, impacting their retirement.

“We need to keep working to ensure that taking time out of the workforce to care for loved ones doesn’t set you back once you’ve finished your working life.”

The Association of Superannuation Funds chief executive Martin Fahy said a retirement income covenant would also start on July 1.

“The legislating of a retirement income covenant is a significant step in encouraging the further development of the retirement phase of superannuation and should assist members to be able to make informed decisions in retirement,” said Dr Fahy.

“With a maturing super system, we expect to see a greater proportion of retirees relying less on the Age Pension and more on their superannuation. Given this, it is important that members are assisted to make informed decisions about how to use their super savings to increase their standard of living in retirement,” concluded Dr Fahy.