In July 2005, the Government introduced new ‘Choice of Fund’ legislation under which most employees can choose where to invest their compulsory super contributions. You don’t have to make a choice - but the option is there.
If you’re an eligible employee, you can direct your employer to pay your Superannuation Guarantee (SG) contributions to ANY complying superannuation fund or retirement savings account that is willing and able to accept SG contributions.
If your employer has chosen Asgard Employee Super as their ‘default’ fund, lucky you! Your SG contributions will automatically be placed there – unless you choose otherwise. If you’re thinking of choosing another fund, it’s a good idea to make a fair comparison with other funds which may not offer the same benefits and features as Asgard Employee Super. And it’s always a good idea to speak to your financial adviser about your specific needs.
All working Australians will be offered Choice, apart from employees who:
- are covered by a State Award that specifies a specific fund i.e. industry fund
- are covered by a Australian Workplace Agreement that specifies a specific fund i.e. corporate fund or industry fund
- are covered by a Certified Agreement that specifies a specific fund
- who remain members of a defined benefit fund
- are covered by an employment agreement in forces under the Victorian Employee Relations Act 1992.
Some government employees are also ineligible. These are:
- Government employees who are members of the CSS or PSS
- Government employees in an unfunded public sector super scheme.