Some awards and workplace agreements may include a specific superannuation arrangement but most employees can choose which fund their employer pays their contributions into.
If any of your employees are eligible for choice, you are required to select a default fund for those employees who do not choose their own fund.
When selecting a default fund, you will need to select a super fund that is a complying fund - a fund that meets minimum government requirements. Media Super is a complying fund.
Since 1 January 2014, you need to ensure that your default fund is MySuper authorised. Media Super’s default Balanced Option has been available as a MySuper product since July 2013.
Changing your default fund may only affect new employees joining your business or you may opt to pay all future contributions to your new default fund. You can provide current employees with information and assistance to transfer their existing accounts to your new superannuation provider.
If you are switching from another fund, Media Super is able to assist you with a seamless transfer of your arrangements. Contact us on 1800 640 886.
Choose Media Super
To make Media Super your default fund for your employees, just complete the Employer Application form. At step 3 of the form, you can choose whether to make Media Super your default fund for all of your employees or just a particular division within your company.
You will need to provide each of your staff with a Standard Choice form. If they do not nominate a choice of fund, you can establish accounts with Media Super by completing the Employee Enrolment form and providing the following details for each employee:
- Full name
- Date of birth
- Tax file number and
- Employment start date.
Send the completed forms to Media Super along with your first contribution payment.
Once you are registered as a Media Super employer, you can manage employee details and payments through your online account.
If you are enrolling as a Media Super employer but do not want to make Media Super your default fund under Choice of Fund legislation, you can select this option at step 3 of the Employer application form.