Knowledge Centre

It’s easy to update your default super fund in Beam

Making a change to your default fund

Choosing a default fund that’s right for your business and your employees is important. The right super fund can help meet your super obligations and support the future financial wellbeing of your employees. That’s why it’s essential to choose a super performer that has your business and your employees’ interests at heart.
Here are five important factors to consider when choosing a superannuation default fund:

  • Whether you are covered by an Award or Enterprise Bargaining Agreement that requires you to pay to a particular fund.
  • The fund you choose as a default super fund must be a complying fund and be registered by the Australian Prudential Regulation Authority (APRA) to offer a MySuper product.
  • Carefully consider your options and consult Product Disclosure Statements before making a decision to choose a superannuation fund as your default.
  • You must provide a Standard Choice Form with the details of your chosen fund within 28 days of a new employee joining.
  • You must also provide a Standard Choice Form to any existing employees if you change the default fund you pay their contributions to within 28 days of the change*.
*Please note that you are unable to change the default arrangements for existing employees through Beam.

 

Once you’ve made the choice to change your default fund, follow the steps below to update your preferences in Beam

 

4 simple steps to making a change to your default fund in Beam

Step 1: Login to your payroll and select ‘Beam Registration’

Step 2: Click through to step 3 in the wizard, ‘Default fund’

Step 3: Search for your preferred super fund name and click next

For instance, to choose Sunsuper simply type ‘Sunsuper’ into the search field and click next. The option of adding more default fund is available (if required).
To remove a default fund, simply click on the ‘X’ button.
Adding or removing a default super fund will not affect your existing employees’ super arrangements. Selecting a new default super fund in Beam means you nominate the new chosen super fund to make Superannuation Guarantee (SG) payments on behalf of employees who haven’t chosen their own fund.

Step 4: Accept the terms and conditions

Don’t Forget to Inform New Employees

Once you’ve decided to change your default super fund to Sunsuper, make sure you issue new employees with a new Standard Choice Form within 28 days. Find out more at ato.gov.au

Experience the Sunsuper Difference

When you choose Sunsuper as your default super fund, your employees who don’t choose their own fund can benefit from a range of features and benefits.

  • Lower administration fees – to keep more of their money working hard for them.
  • Strong investment performance1 – to help grow their balance.
  • Flexible insurance cover – to help protect them and their family.
  • Financial advice – at no additional cost from the Member Advice Centre.2
  • Dream Rewards – offering discounts on shopping, fitness, entertainment and more!
  • Sunsuper App – packed with features to help your employees manage their super.

More details about the benefits Sunsuper offers to its members can be found in the Product Disclosure Statement (PDS)

Beam is issued by Precision Administration Services Pty Ltd (Precision), ABN 47 098 977 667, AFSL No. 246 604. Precision is wholly owned by Sunsuper Pty Ltd, ABN 88 010 720 840, AFSL No. 228975, as Trustee for the Sunsuper Superannuation Fund (Sunsuper), ABN 98 503 137 921. Sunsuper products are issued by Sunsuper Pty Ltd. The information about Beam on this page is provided by Precision. The information on this page about Sunsuper is provided by Sunsuper Pty Ltd.

1 The Balanced option for Super-savings accounts, which has identical investments to the Balanced Pool in the Lifecycle Strategy, has outperformed the industry average over 1, 3, 5, 7 and 10 years. (Source: SuperRatings Fund Crediting Rate Survey to 31 October 2019. Warning: Past performance is not a reliable indication of future performance.
2 Sunsuper employees provide advice as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), wholly owned by the Sunsuper Superannuation Fund.
This page contains general advice and does not take into account the investment objectives, financial situation or needs of any particular individual. You should consider if the advice is appropriate to your own circumstances before acting on it. Outcomes are not guaranteed. Past performance is not a reliable indication of future performance. You should also consider the relevant Product Disclosure Statement (PDS) before deciding to acquire or continue to hold any financial product.