Many Australian employees can now choose which fund their employer's future super contributions are paid into.
As of 1 July 2006, employees who work for a corporation and had their superannuation contributions paid under a state award will be able to choose a fund. Previously these employees could not choose a fund under the Australian Government’s choice of superannuation fund law. These employees are now covered by the Federal workplace relations system under an agreement called a ‘notional agreement preserving state awards’. These changes enable you to choose who manages your investment for retirement.
You do not have to choose your own super fund. If you don't, your super contributions will be paid into a fund chosen by your employer. For existing employees, this could be the fund that you are already a member of – and it may also be the best fund for you.
You can find out more about super choice at www.superchoice.gov.au
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