The employer fund can be the fund into which the

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Unformatted text preview: oyee does not choose a fund. The employer fund can be the fund into which the employer currently makes superannuation contributions for the employee. Employers can download a Standard choice form from the ■ records showing that the Standard choice form has been provided to all eligible employees ■ written information employees provided when they nominated their chosen funds, and ■ receipts or other documents issued by funds website or phone 13 28 64 for showing that the employer has made superannuation a copy. contributions to employees’ chosen funds. ACT ON EMPLOYEE’S CHOICE Employers’ choice of superannuation fund records must be in English and kept for five years. Once an eligible employee makes a choice of superannuation fund, the employer has two months to get ready to make contributions to that fund. After this time, any superannuation contributions made for that employee must be to their chosen fund. If these records are not in a written form (for example, if they are in an electronic medium such as magnetic tape or computer disc), they must be in a form that is readily accessible and easily converted into English. CHOICE OF SUPERANNUATION FUND ■ 7 MUST NOT ACCEPT INDUCEMENTS TO CHOOSE A PARTICULAR FUND Other than in the limited circumstances set out on page 10 of this booklet, it is illegal for trustees of superannuation EMPLOYEES’ OBLIGATIONS Employees are not obliged to choose a superannuation fund or return the Standard choice form to their funds or their associates (which might include a financial employer. However, if an employee wishes to choose a adviser) to offer inducements to employers on the superannuation fund, they must fulfil the obligations listed condition that their employees join the fund. below. Employers should report to ASIC any inducements they Before doing these things, employees are encouraged have been offered by phoning 1300 300 630. to read the publication Super Choices to learn more about sup...
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This note was uploaded on 03/25/2014 for the course FOBE 302 taught by Professor X during the One '13 term at Macquarie.

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