Superannuation rules updated in awards
The Fair Work Commission recently updated the rules about superannuation in 147 Awards to make sure that Awards reflect the current superannuation rules. This includes the new right to superannuation contributions included in the NES, which took effect from 1 January 2024 as well as updating named Super funds.
For the Horticulture Award [MA000028], the list of Super funds is now:
Australian Retirement Trust
Prime Super
CareSuper
The funds which have dropped of the list include AustSafe Super; Prime Super; Tasplan; and Sunsuper.
For those members covered by the Wine Industry Award [MA000090] you may be interested to know that the list of Super funds is now:
HOSTPLUS Superannuation Fund
CareSuper
AustralianSuper
Australian Retirement Trust
Information on other Awards can be found here.
These funds are designated for employees who do not choose a superannuation fund, ensuring that their superannuation contributions are directed to a fund that is appropriate for them. The intent is to maintain the integrity of the superannuation system, as it prevents the allocation of contributions to underperforming funds or funds that do not meet the needs of the members.
The default superannuation funds are chosen based on criteria that consider the fees incurred and other impacts on members if they cease employment with an employer. This ensures that the best interests of members are met, even if they do not inform their employer of their chosen fund or do not have a stapled superannuation fund.
Employers and employees should check their award to confirm the default superannuation fund and ensure compliance with their obligations under the choice of superannuation fund law.
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