Nominating a default fund
Employers must nominate the workplace default fund if an employee does not return a completed Standard Choice Form. This is the fund into which you will make their Superannuation Guarantee contributions.
- A default fund is nominated in the employee’s award. However, if an award does not nominate a particular fund, or if an award doesn’t apply, you are required to choose a fund.
- If the award nominates a number of funds, you are required to choose one of the listed funds as the default fund.
- Details of the default fund must be included in the Standard Choice Form. The default fund must be a complying fund that offers a minimum standard of life insurance cover.
- The default fund process does not apply to employees who have previously provided written advice about their superannuation fund.
Selecting AustralianSuper as your default fund
You can ensure that AustralianSuper is your company’s default fund by:
1. Nominating AustralianSuper as your workplace default fund on the Standard Choice Form.
2. Including a superannuation clause in a Workplace Agreement.
For assistance, please contact your Relationship Manager in your State or Territory directly, or call AustralianSuper weekdays 8am-8pm (EST).
What to consider when choosing a super fund
You should consider the following when it comes time to make your choice:
1. Eligibility
The fund must comply with superannuation law, offer a certain level of insurance cover and accept superannuation payments made by employers. You should obtain a letter from the trustee of the fund to confirm it is an eligible fund. A copy of AustralianSuper's compliance letter is available for you to download.
2. Fund quality
They key areas you should consider are:
- Investment management – including methodology, performance and process
- Pricing – including cost, structure and transparency
- Administration delivery – including structure, service standards and internet facilities
- Advice – including member education, employer servicing and financial planning
- Governance – including Trustee structure and risk management
- Insurance – including rates, options, conditions
- Qualitative overlay – including overall benefits, transparency, usability and choice.
3. Investment choices
How many investment options are offered? Is there an investment choice that might suit your employees now, and in the future?
AustralianSuper offers a choice of 16 investment options, including the option to invest in any of the top 200 companies on the Australian Stock Exchange. More...
4. Investment returns
Are investment returns strong and consistent over the long term? How do the short and long-term returns compare to industry benchmarks?
AustralianSuper's Balanced Investment Option has delivered strong, long-term investment returns. More...
5. Insurance
What insurance cover is available? What are the insurance premiums? AustralianSuper offers a range of flexible, low-cost insurance options. More on AustralianSuper Insurance Options.
6. Fees
Are there any entry or exit fees? Are members charged a low flat administration fee per week or a percentage of their account balance? What investment management fees are charged? Are they charged for switching between investment options?
With AustralianSuper, there are no entry, contribution or switching fees – except transaction costs for our ASX 200 Shares Investment Option.
We are run only to profit members. Which is why all our members pay a low administration fee of $1.00 per week and investment management costs.
Why choose AustralianSuper?
Super AppleCheck is an online comparison tool that helps you compare AustralianSuper's benefits and services with more than 100 retail super funds*.
Super AppleCheck is provided by independent research consultant, Chant West Financial Services. AustralianSuper has no relationship with Chant West and has no influence over the research results and ratings.
Click here to use Super AppleCheck to compare AustralianSuper’s benefits and services against other super funds.
*Please note: The services offered on this page are offered by a third party, not AustralianSuper Pty Ltd, the Trustee of AustralianSuper. The Trustee is not responsible for the products or services, views or actions of this organisation. You should use your own judgement before taking up any product or service offered by a third party. Terms and conditions may apply which should be obtained from the third party. The Trustee does not accept liability for any loss or damage incurred by the products or services provided by these third parties.