Before you offer your employee the option to choose a super fund, you must nominate a fund that you will pay their super into if they can’t or don’t choose their own fund. This fund is your employer-nominated fund (also known as a default fund).Your default fund needs to be a complying fund that meets specific requirements and obligations under super law and must be authorised by the Australian Prudential Regulation Authority (APRA) to offer a MySuper product.
MySuper was introduced by the Federal Government as part of its Stronger Super reforms and was designed to give consumers access to a simple, low-fee super product that is easy to compare across super funds.
If you’ve chosen Sunsuper as your default fund you can rest assured that Sunsuper meets all of these requirements. In fact, Sunsuper was the first fund in Australia to be authorised to offer a MySuper product.
As well as choosing a fund you think is best placed to meet the needs of your employees, you should consider your objectives, circumstances and needs, and consider getting financial or other professional advice, before making a decision. You should read the Product Disclosure Statement before deciding whether to acquire, or continue to hold, any financial product.
It is important to check relevant industrial awards and employment agreements before choosing your default fund. In some cases, these may oblige you to pay super contributions into a specified fund, or may list a few funds from which you must to choose your default. And if you make changes to your default super fund, be sure to provide your new employees with an