Changing jobs doesn't mean you have to change super funds too.
If you've recently begun a new job then it's likely you have lots to get your head around and a stack of forms to fill out. One of them is likely to be a Superannuation standard choice form from the Australian Tax Office. This form allows you to specify the superannuation fund into which you want your compulsory super contributions paid.
It's worth taking the time to consider whether you'll elect to go with your employer's default super fund or a super fund that you choose.
The right to choose
Many Australians believe their super contributions must be paid into a fund chosen for them by their employer.
Investment Trends researchdisclaimer carried out in early 2019 found more than a third of Australians who'd changed jobs believed they didn't have the option to choose their own super fund when taking up a new role.
This was the case many years ago, when the compulsory superannuation system was first established. Back then, employees' compulsory contributions were paid into a fund chosen by their employer, but legislation passed in 2005 allowed many more workers to select their own super fund.
Unless you're covered by certain industrial agreements or are part of a defined benefit super fund, it's up to you to decide whether to stick with your current fund or have your contributions paid into your new employer's default fund.
If you don't provide your new employer with the details of your chosen fund then your employer will pay your contributions into their default fund.
Weighing up your options
If you're considering changing super funds as well as jobs, it pays to weigh up your options carefully.
Changing your super fund is a big decision. Superannuation is a long-term investment and the choices you make now can have a big impact on the amount of money you have to support yourself in retirement.
Having your super contributions paid into a commission free superannuation account with low administration fees, like ANZ Smart Choice Super, can help you to maximise your final balance.
Investment Trends research found seeking a lower cost option was one of the main reasons that prompted Australians to switch super funds.
ANZ Smart Choice Super is open to all eligible working Australians, regardless of your occupation or the industry you work in.
Taking your super account with you
Taking your ANZ Smart Choice Super account with you to your new job is easy. You'll need to supply your new employer with the following details:
- Your fund's name
- Your fund's Australian Business Number (ABN)
- Your fund's Unique Superannuation Identifier (USI)
The easiest way to share this information is by logging on to your Smart Choice Super account, via ANZ Internet Banking, and downloading a pre-filled Super Choice form. Once you've signed it, you can email it to your payroll department or print it out and hand it in.
Alternatively, you can fill out the Superannuation payment instructions for employers choice of super fund form (PDF) and return it to your employer.
Your employer must start paying your super contributions into your chosen fund within two months of receiving this information.
Consolidating your super accounts
Changing jobs is the perfect time to consolidate your super accounts. If you've had other jobs in the past and gone with your employer's default super option for some or all of them, you may have accounts with several different funds. Consolidating your super into one account can make it easier for you to keep track of your retirement savings. It can also mean you're not paying multiple fees and insurance premiums. Ensuring your savings aren't eroded by unnecessary expenses can boost your balance in the long term.
You can consolidate all of your super accounts into your ANZ Smart Choice Super account using the Find my Superdisclaimer feature in ANZ Internet Banking or via the ATO website.
Want to know more?
Knowledge is power. Educating yourself about your retirement savings, including your investment options and ways you can boost your balance, is one of the smartest financial choices you can make. Find out more about how you can keep track of your ANZ Smart Choice Super account online.
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