Choice of Super Fund: Who Qualifies and What You Get
Learn how you can control where your retirement contributions go instead of relying on your employer's default fund.
This scheme allows you to decide exactly which superannuation fund receives the retirement contributions made by your employer.
Who it's for
This scheme is available to all workers. Regardless of your specific industry or whether you work full-time, part-time, or casual roles, you have the right to direct where your employer sends your retirement savings.
What you get
The primary benefit is the ability to choose which fund receives your mandatory contributions. Instead of having your money placed into a generic account, you can direct those payments into a specific fund that you have selected to manage your long-term savings. This gives you direct control over where your money is held and how it is managed for your future.
What it costs you
There is no direct monetary fee to exercise this right, but it does require some administrative effort from you. You will need to gather your specific fund details—such as the fund's name and its unique identification number—and provide this information to your employer to ensure the money goes to the correct place.
The catch to know
The most important thing to remember is that if you do not take action to choose a fund, your employer will simply pay your contributions into their own "default" fund. This default fund is chosen by the employer and may not be the specific fund you would have preferred for your own financial goals.
How to apply
- Identify the specific superannuation fund you want to use for your retirement savings.
- Collect all necessary account details from your chosen fund to ensure accurate transfers.
- Complete a choice form to formally notify your employer of your preference.
- Submit the completed form and your fund details to your employer so they can update their payroll records.