Choice of Fund
Most employees can choose their own super fund. But some can’t, and many don’t.
As their employer, you must nominate a default super fund for the times when your employees can’t or don’t choose their own fund.
From 1 January 2014, all employers who make contributions into a default super fund must pay those contributions into a MySuper Authorised Fund.
First Super is a complying fund and is MySuper Authorised.
Some employees are employed under a certain industrial award or agreement, they may not be eligible to choose a superannuation fund.
Please refer to the relevant industrial award or agreement for details. (See Fair Work Australia for more information) Where this is not applicable, it’s up to you to choose a fund.
Nominating First Super as your default fund
Nominating First Super as your default fund is simple. You can provide the Standard Choice Form to your employees to complete. Some employees may choose their own fund, but if they don’t return the form within the time frame specified, you can send their superannuation contributions to the default fund shown on the form.
Some important things you need to know
Under Choice of Fund you need to do the following:
- Provide a ‘Standard choice’ form to new employees within 28 days of them commencing work
- Commence Superannuation Guarantee contributions within two months of receiving written notice of an employee’s chosen fund
- Make super contributions by the cut-off dates. If you haven’t received the completed ‘Standard choice’ form from new employees, their super contributions can be paid into your default fund
- Upon request from an employee, you must accept up to one change of fund every 12 months.
We’re here to help. So let’s talk.
If you would like to set up First Super as your default super fund, or have any other questions, please call our Employer Services Team on 1300 943 171, or email us.