You should know that if you do not complete the standard superannuation choice form and give it to your new employer, they have the right to choose your superfund for you. In addition, all workers who were previously limited to a defined pension fund under an enterprise agreement can now choose their own superfund if their existing employer enters into a new contract with them after January 1, 2021. “The same interest of member first approaches… should be enforced by the FWC when employers and workers try to ratify enterprise agreements that involve limiting the choice of the superannuation fund,” said the ISA. Legislation to extend the choice of the “Superannuation” fund to more workers under enterprise agreements and employment provisions came into force on 3 September 2020. Once you have received your Superfund membership data, inform your employer or human resources department so they can deposit their super-contributions into the appropriate account. In most cases (with the non-table), your employer must allow you to choose your own superfund to get your SG contributions. A new law that allows more than 800,000 additional employees to obtain superannuation was passed this week by the government to remove restrictions that forced them into a superfund dictated by their employer. But there is a catch – the amendments are not retroactive and only apply to new agreements that will be concluded after January 1, 2021. If your employer refuses to choose your own fund, contact the ATO SG helpline at 13 10 20.
Choosing your superfund is part of your right to SG, so if your employer refuses to comply with the disease, the ATO should be able to follow it. The panel should not include a standard mySuper product in the standard superannuation list, unless it is in the interest of the employees of the default fund to take into account modern rewards for or for a class of employees: if you have previously been locked into a superannuation fund with your employer as part of an enterprise agreement , now is the time to ask yourself if this superfund is best for you. You must officially communicate to your employer the details of the superfund you have chosen by filling out a Standard Superannuation choice form. Your employer should give you this form when you start a job. By law, your employer must give you some form of superannuation choice within 28 days of starting work with them. “You wouldn`t let your employer choose your bank and your employer shouldn`t be able to force you into a superfund,” said Superannuation Assistant Minister Jane Hume. The 2019 Financial Amendment Bill (Your Superannuation, Your Choice) was introduced by the Senate on Tuesday, August 25, 2020. The updated laws on Your Super, Your Choice remove the option that enterprise bargaining agreements are used to force workers into a superannuation fund of the industry, even if they have an existing superannuation fund. Great tip: If you are not able to choose your own superfund and you are dissatisfied with the fund used by your employer, you do not need to stay with the fund forever.
In these cases, labour law does not allow your employer to pay your SG contributions in any other subfund than the one listed in the premium contract. Although the majority of us have the right to elect our own super-funds, there are still about 30% of the workforce that cannot choose our own fund. This is usually due to the fact that their super-fund is chosen as part of the industrial premium or enterprise agreement (EA) that employs them. In addition to the transitional review of modern awards that began in 2012, the Fair Labour Commission is responsible for continuing the review of superannuation from modern awards in 2013, and then, as part of the 4-year review of the standard fund conditions for modern awards, which will begin as soon as possible after 1 January 2014.