The trick to understanding super choice is knowing what it is, and what it isn't.
Super choice is when your employer allows employees to choose the MySuper product or super fund they want. You don't have to use the one chosen by someone else like your employer, industrial award or workplace agreement.
Super choice gives employees the option to swap out of the default MySuper product or fund that was chosen for them and go to another MySuper product or fund. But only if you want to. The point is you have a choice. But equally it doesn't mean employees can choose any super fund you want either. You have to already be a member of the super fund you choose, and it has to be willing to accept your super contributions from your employer. And if an employee decides to exercise their rights under super choice and join a different fund, those super funds aren't allowed to force the employer to become a 'participating' or registered employer of that fund.
Does super choice apply to you?
If you or your employer are not in the following categories, then you should be free to choose your own MySuper product or super fund:
How companies choose their default MySuper product
Under super choice, employers have to ask their employees at least once a year what MySuper product or super fund they would like to have their super contributions sent to. The ATO has designed a form for employers to hand to employees so they can nominate their preferred super fund. A copy of this form is available on the ATO website.
|EMPLOYERS - IF AN EMPLOYEE WANTS SUPER CHOICE
Employees who want to make a super choice have to fill in a super choice form and provide the following information to their employer:
|New laws impacting inactive accounts||How to Compare MySuper products and Funds|