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September 25th, 2020
Following recent changes to legislation, from 1 January 2021 workers cannot be forced into an employer’s chosen super fund under new enterprise bargaining agreements (EBAs) and workplace determinations. All employees must be provided with a Standard Choice form and allowed to choose their own super fund.
Below, we have answered some common questions about the changes.
The Federal Government has passed the Treasury Laws Amendment (Your Superannuation Your Choice) Bill 2020. Effective from 1 January, this law means employees can no longer be required to join a super fund of their employer’s choosing as part of their workplace arrangement.
Nothing – the new law is not retrospective. Workers under existing EBAs will stay locked into those arrangements until the next time the EBA is negotiated after 1 January.
Yes – that doesn’t change. First Super is still your default fund and employers are still required by law to have a chosen default fund for their workplace for employees who don’t select their own super fund or who are happy with their employer’s choice.
From 1 January, you must provide all new employees with a Standard Choice form when they join your workplace.
Existing workers can make their own choice of fund when their existing EBA expires after 1 January.
According to a media release from the Treasurer, the new law will allow more than 800,000 workers to choose their own super arrangements, representing around 40% of all employees who are currently covered by an EBA.
If you have any questions about these changes – or any other super matter – contact our Employer Services Team on 1300 943 171 or email us.
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