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How do I change?
Super Choice – How do I change funds?
On 1 July, 2005 new laws were introduced giving many Australian workers the right to choose their own superannuation fund, regardless of which fund their employer uses as a default fund.
Click here to see if Super Choice applies to you.
If you’re eligible to choose, and you wish to change funds, then you should do the following:
Step One: Choose the fund you wish to use as your superannuation fund. It’s an important decision and there are a number of factors to consider when selecting your fund. Click here to find 17 Industry Super Funds that could make a lifetime of difference to your future.
Step Two: You will need to provide your employer with particular information (which may be provided on a Standard Choice Form) including:
- fund name
- membership number (if you have one)
- ABN (Australian Business Number) of the fund
- SPIN (Superannuation Provider Identification Number) if applicable
- a letter confirming the fund’s complying status from the trustee
- written evidence that the fund will accept employer contributions and
- contact details of the fund
Most Industry Super Funds will send you a kit with all the items you will need to complete the form. Contact your chosen Industry Super Fund to obtain a kit.
If you’ve just started work with a new employer, they will give you the Standard Choice Form within 28 days of commencing employment if you are eligible to make a choice.
What happens next?
When you have given your employer all the above information (or your Standard Choice form), then they must begin paying superannuation into your chosen fund within two months of receiving your form.
How often can I change funds?
Your employer is only obliged to act on your choice once every 12 months. However, if they wish, they can let you change more often.