Your Employee's Choice
Many employees can choose which super fund their Superannuation Guarantee Contributions are paid into. This is commonly referred to as ‘choice of fund’.
If your employee does not make a choice of fund, they can be put into your businesses’ default fund. It’s important for you to know that since 1 January 2014, all default funds need to be MySuper compliant.
Virgin Super’s MySuper compliant offer is Virgin Super Essentials.
Virgin Super also has a super offer for people who want to take more control of their super investment, which is called Virgin Super Plus. We make it easy for members to switch between our default option, Virgin Super Essentials and Virgin Super Plus. You can find out more about our super offers below.
Step 1. Is your employee eligible to choose their super fund?
Generally, your employees can choose their super fund if they are:
- employed under a federal award
- employed under a former state award, now known as a ‘notional agreement preserving state award'
- employed under another award or agreement that doesn’t require superannuation support
- not employed under any state award or industrial agreement (including contractors paid principally for their labour)
Step 2. Give them a Standard Choice Form
It's recommended to provide new employees who are eligible to choose a super fund with a Standard Choice Form within 28 days of them commencing work with you.
Step 3. Make Payments
It's recommended that you commence paying into their choice of fund within two months of receiving the Standard Choice Form.
You start paying superannuation contributions to your default fund if:
- an employee does not choose a fund within 28 days; or
- you have not accepted their choice of fund because they have not yet provided all the information you need.
It's also recommended that employers keep records of who they have given choice of fund forms to, as well as records of all superannuation transactions, for at least 5 years.
For more information visit the ATO website.
We have two super offers to choose from.
|Virgin Super Essentials||Virgin Super Plus|