Most employees can choose the superannuation fund into which their superannuation guarantee contributions are to be paid. However for employees who can't or don't choose a fund, you, as their employer, must nominate a default super fund.
Most industrial awards and some enterprise agreements contain a list of default funds from which you can make a selection. For employees who aren’t covered by industrial awards or enterprise agreements or who simply don't nominate a fund, it's up to you to choose a default fund.
To find out more about which award or awards cover your employees see Fair Work Australia
Setting up First Super as your default fund
Making First Super your default fund is easy. If First Super isn’t already named in your enterprise agreement, why not include it when it’s renegotiated? Talk to us about how to go about it.
When will you use your default fund?
Most employers must give employees a standard choice form within 28 days of starting.
The standard choice form must contain the details of a default fund that meets certain technical specifications. First Super meets all of these technical specifications.
If an employee doesn’t return a completed standard choice form within the time specified on the form, you send their superannuation contributions to the default fund shown on the form. We recommend not waiting longer than the specified time as you may incur a fine.