From 1 July 2005 Australian employees will be able to tell employers which superannuation fund they wish to use for their compulsory superannuation.
Employers will be obliged to provide employees with a standard choice form if they do not already provide a choice.
The superannuation choice regulations outline the minimum insurance requirements for default funds under choice. A default fund is the fund an employer chooses if the employee does not want to make a choice. Retirement Savings Accounts (RSAs) have been exempted from the minimum insurance requirement.
The regulations also set out what information employees wishing to pick a fund must provide to their employer.
Currently, the choice of fund legislation does not apply to employees covered by a state award. The Government will be introducing an amendment to the choice legislation to allow the Commonwealth to override state awards in respect of superannuation from 1 July 2006.
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Posted by: toryburch | January 21, 2011 at 04:10 PM