superchoice_obligations

Superannuation fund generally employers must offer

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Unformatted text preview: nuation fund. Generally, employers must offer choice of superannuation contributions for that employee under: IDENTIFY AN APPROPRIATE EMPLOYER FUND ■ a certified agreement or an Australian workplace An employer must nominate an employer fund that each fund to an employee unless they make superannuation agreement, or ■ a state award or industrial agreement (visit www.superchoice.gov.au for more information). If an employer is a sponsor of a particular defined benefit fund, they may not have to offer a choice of superannuation fund to employees who are members (for more information, see page six of the booklet Choice of superannuation fund – guide for employers). There will also be public servants and individuals working for government agencies who may not need to be offered choice of superannuation fund. If an employee is engaged under a federal award, they must be offered choice of superannuation fund whether or not that award requires contributions to be made to a specific superannuation fund. Some state laws also provide for choice of superannuation fund under state based arrangements. employee’s superannuation contributions will be made to if the employee does not choose a fund. The employer fund does not need to be the same fund for each employee. However, employers can nominate only one employer fund per employee. The employer fund can be the fund into which you currently make superannuation guarantee contributions for an employee. Regardless of whether employers nominate a current or new fund as their employer fund, they need to check that the employer fund: ■ is a complying fund, and ■ meets the insurance requirements for choice of superannuation fund or is covered by the transitional arrangements for insurance coverage. Employers can contact the trustee or an authorised representative of the fund to verify that the superannuation fund is complying. The insurance requirements for choice of superannuation fund – and some exclusions to the insurance requirements – ar...
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