Super Topics
Each month, one of our super experts answers a question on the latest super topics.
Topics include investments, pensions, insurance and super in general. Subscribe now to recieve eSuper udates directly to your inbox.
This month's super topic is:
Question: When I started my new job recently my employer put me into another super fund. Am I able to change and have my employer pay into my existing AustralianSuper account?
August 2010
Answer: With most jobs, you can choose which fund you have your employer super contributions paid into. It makes sense to stick with AustralianSuper, so you can continue seeing your super grow faster with our low fees and strong investment performance. And having only one account means avoiding an extra set of fees.
It’s easy to choose AustralianSuper – simply fill out the Choice of super fund nomination form which can be found in our Changing jobs brochure. This form includes the compliance statement and payment options your employer needs. Give it to your employer, making sure you have included your AustralianSuper membership number.
You are entitled to make a choice at least once per year (or more if your employer lets you).
But you should bear in mind that some jobs are covered by awards or agreements that do not allow for a choice of fund. Discuss your options with your new employer’s human resources department, who can explain to you whether you can make a choice or must stick with their default fund.
Those who will not be eligible for Choice of fund are:
- covered by Federal Certified Agreements or Australian Workplace Agreements that provide for the superannuation fund(s) that the employer makes payments into
- covered by State Awards or Agreements that provide for the superannuation fund(s) that the employer makes payments into
- involved in certain defined benefit funds
- involved in certain public sector funds
- covered by certain agreements under the Victorian Employee Relations Act (1992).
The 'Super Topics' column is not intended as personal financial advice and responses provided are of a general nature. Responses do not take into account your specific needs, so you should look at your own personal position, objectives and requirements before taking any action. You may wish to consult a qualified financial adviser who will take into account your personal financial position; however, you will be solely responsible for any investment decision that you make. Before making a decision about AustralianSuper you should obtain a Product Disclosure Statement
(available in Forms and Publications) relating to the product and consider the Statement before making any decision about whether to acquire the product.