Superannuation laws may override award or agreement requirements for an employer to make contributions to a particular superannuation fund.
Choice of fund and ‘stapled’ funds
Individual employees generally have the opportunity to choose their own superannuation fund.
For further information about whether an employee is eligible to choose their own fund visit the ATO website: Offer employees a choice of super fund.
From 1 November 2021, if a new employee does not choose a fund the employer will generally be required to check if the employee has a 'stapled superannuation fund'. A stapled fund is an existing superannuation account linked, or ‘stapled’, to an individual employee so it follows them as they change jobs.
For further information visit the ATO website: Request stapled super fund details for employees.
Annual performance test – closed MySuper products
By 31 August each year, the Australian Prudential Regulation Authority (APRA) is required to conduct an annual performance test for MySuper products.
Where a MySuper product fails the annual performance test for 2 consecutive years, the product cannot accept new members (until it passes a future performance test).
The MySuper products that are closed to new members from 31 August 2022 are:
|Australian Catholic Superannuation and Retirement Fund||LifetimeOne|
|Energy Industries Superannuation Scheme-Pool A||Balanced(MySuper)|
|Retirement Wrap||BT Super MySuper|
|AMG Super||AMG MySuper|
This means that an employer cannot make contributions to any of the above MySuper products for an employee who would be a new member, even if that MySuper product is nominated in the employee’s award or agreement.
For further information visit: