Choosing a superannuation fund
Are you eligible to choose a fund?
Millions of employees are able to choose which fund will receive their employer's superannuation guarantee contributions.
If you’re eligible to choose, your employer will give you a ‘standard choice form’.
To find out if you're eligible to choose a fund, check with your employer.
Your right to choose a fund
You don't have to choose if you don't want to. If you don't, you can do nothing and your employer will pay their contributions into a fund they choose. Make sure you really understand the fund your employer has chosen. Your current fund may be different from the fund chosen by your employer. Compare the benefits and costs with at least two other funds, for example an industry fund and a retail fund.
You can choose a fund at any time, but you cannot require your employer to change your fund more than once a year. You must also give your employer written confirmation from your chosen fund that it will accept your employer's contributions.
Choosing or changing funds for your existing accounts, including previous employer contributions, must be done separately. Generally, it saves time and money in the long run to keep your super in as few accounts as possible. See changing super funds.
FIDO Website: Printed 10/08/2008
