Superannuation (1 Viewer)

[SomaFairy]

Hello, I'm not very familiar with the superannuation choices I have as a young person starting out with minimal income. My question is, do employees have the right to nominate their own choice of fund or do we have to follow the one chosen by our employer?? lol and which company would be better in the long run?

Thank you for any advice.

 

[roadcone]

you can nominate a super fund to have your super paid into - if you do this the employer has a legal right to do so. if you don't choose then by default you are placed into the super fund that the company has chosen.

if you are not asked by your employer what super fund you what to belong to then they are breaking the law.

i'm with colonial - seems pretty good.

 

[SomaFairy]

Thank you.

I heard that colonial was pretty good too. I wanted to use colonial but my employer said that I "had" to use AMP.

 

[townie]

you can nominate a super fund to have your super paid into - if you do this the employer has a legal right to do so. if you don't choose then by default you are placed into the super fund that the company has chosen.

if you are not asked by your employer what super fund you what to belong to then they are breaking the law.

i'm with colonial - seems pretty good.

thats not competley true, an award can specify which superannuation fund employee's. for instance, all Woolworths employee's are with rest, and u cant change this....however, whether NEW awards are allowed to specify this condition, i'm not sure

If you're eligible to choose under the choice of superannuation fund rules, your employer will give you a Standard choice form.

You’ll be eligible to choose the fund for your future superannuation guarantee contributions unless:

your super is paid under a state award or industrial agreement.
your super is paid under a Federal workplace agreement (eg, a collective agreement or Australian Workplace Agreement).
you’re a federal or state public sector employee excluded from choice by law or special regulations.
you’re in a particular type of ‘defined benefit’ fund or you’ve already reached a certain level of benefit in that fund.
If you are not sure what award or industrial agreement, if any, you are covered by, you can check with your employer or the WageNet website (for federal awards and agreements and links to information on state awards), or phone the workplace relations department in your state or territory.

http://www.superchoice.gov.au/employees/eligibility/