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Super Choice - Can I choose?
Your right to choose your own fund
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.
You can choose your own fund if any of the following applies to you:
- You are covered by a Federal or Territory award (including a Victorian common rule award).
- There is no award or other industrial agreement under which you are employed (and no other exceptions apply).
Generally, you will not be eligible to choose your own fund if any of the following applies to you:
- You’re employed under a certified industrial agreement or an Australian Workplace Agreement (AWA) that specifies the super fund/s into which your employer must pay your super.
- You’re covered by a State award or industrial agreement that specifies the super fund/s into which your employer must pay your super.
- You’re a member of a defined benefit fund and certain other conditions are satisfied (eg, the fund is significantly in surplus).
- You’re a member of certain public sector funds.
If you’re eligible to choose your own fund, then you can reap all the benefits of joining an Industry Super Fund. If you’re unsure whether you are eligible to make a choice, check with your employer or union.
Do I have to make a choice?
No. However, if you are eligible and you don’t make a choice your employer will choose for you. If you take this option, it’s a good idea to check that you’re happy with the fund your employer chooses for you. If you’re not happy with their choice, you may have the right to choose another fund.
Click here to find 17 Industry Super Funds that could make a lifetime of difference to your future.