Choosing a default super fund for you and your employees
Superannuation builds up throughout your employees’ working lives, so choosing the right default fund for your business is important for everyone.
As an employer, you must nominate a super fund for those employees who can't or don't choose their own fund into which you’ll pay their future super contributions. This fund is called your employer default fund.
Top things to consider when choosing your business default superannuation fund:
When choosing your business default super fund, it’s a good idea to consider what system the fund has in place to ensure you don’t spend too much time on administration. Your default fund should make managing super quick and easy.
Virgin Money Super provides access to our QuickSuper Clearing House solution, an easy online system available 24/7, so you can reduce the time you spend on super admin and spend more time focusing on building your business.
Benefits for your employees
Small savings in fees and costs can have a big impact on your employees’ super balances when they retire. When considering which default fund to join, you should compare fees and costs across a number of funds.
Virgin Money Super says NO to expensive, complex and unnecessary fees that eat away at your employees' retirement savings.
Super investment options
We understand that everyone likes to manage their money a little bit differently. Virgin Money Super offers your employees a range of investment options allowing them to take as little or as much control as they like. Plus, we offer simple super advice to help them make informed decisions about how to manage their money for the future.
Comparing the performance of super funds is important when looking at the fund you choose for your employees. Take the time to look at and compare the performance of Virgin Money Super.
Super insurance options
We'll help your employees protect their loved ones by offering a range of insurance options.
Once your employees become Virgin Money Super customers, they’ll receive automatic insurance6 - that means no medicals. And their premiums are paid from their super. If they need additional or more specific cover, they can tailor their insurance cover too. Have a look at the flexibility and support we offer.
We are a MySuper compliant fund
From 1 January 2014, all employers must pay contributions into a MySuper authorised product for any employee who, at the time of employment, has not chosen their own superannuation fund.
Virgin Money Super ensures you’re able to meet these obligations, without any hassle. Our LifeStage Tracker® option is an authorised MySuper compliant product.
What is MySuper?
- A single diversified investment option.
- Same fees for all – fees must be the same for all members and there must be no entry fees, adviser fees or commissions.
- Automatic insurance – to ensure all members are protected, Automatic Death and Total & Permanent Disablement Insurance will be added to every account which members can tailor or opt-out completely.
For more information on our LifeStage Tracker® investment option, check out the investments section.