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Did you know ...
Industry Super Funds pay NO commissions and are run only to profit members
Checklist for Choice
Meeting your Choice of Fund obligations – Complete this checklist
- Identify which, if any, of your employees are eligible for choice. Do this by finding out which awards and agreements apply to your employees and what, if anything, they oblige you to do in respect of superannuation.
- Choose which fund will be the default fund for those employees that do not make a choice. Things to consider are:
- Is the fund an eligible fund (i.e. meets the requirements to be a default fund)?
- Fees and charges of the fund
- Performance
- Investment options available
- Insurance options
- Ease of administration
- Establish a process for ensuring that all new employees are given a copy of the Standard Choice Form within 28 days of joining the company
- Make sure your payroll area is ready to pay contributions to nominated funds within two months of receiving a valid, completed Standard Choice Form or any other complying written request by the employee.
- Keep comprehensive records (for at least 5 years) of:
- Details of employees who do not have to be offered choice of superannuation fund.
- Records confirming the default fund chosen by you meets the minimum death insurance requirements set out in the legislation.
- Records showing the Standard Choice Form has been given to all eligible employees.
- Written information the employee provides when they nominate their chosen fund, and receipts or other documents issued by the fund for your contributions on behalf of that employee.
Laws stipulate that penalties apply if these records are not kept.
To find 17 Industry Super Funds that could be right for your business, visit our funds listing page.
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