Did you know that if you don’t make a choice of super fund you contributions may be paid into the fund your employer chooses?

This fund is called the default fund and it is important to note that it may not be the same fund that your contributions are currently being paid into. The name of the default fund will be written on the standard choice form that your employer must provide. If you wish to have your contributions paid into the default fund, then you don’t have to complete the form. If you wish to have your contributions paid into a different super fund, then you must complete the form.

Did you know that under the new choice of fund legislation you may need to provide your employer with certain information in order to make a choice?

Most of the information will be included in the standard choice form that you will complete, however a statement from the super fund you want to choose will also need to be attached. Many super funds are likely to provide these statements to members and other people interested in joining the fund.

The information that must be provided includes:

• The name your account is under
• Your membership number
• Name of the fund, ABN and SPIN (Superannuation Product Identification Number)
• Contact details of the fund
• Evidence that the fund will accept contributions
• A written statement from the fund trustees that it is a regulated fund
• Information about the method of payment required and details needed to make payments
• Employee number or payroll number (if your employer uses one)

Did you know that if you have a small account balance there are member protection rules to help protect your savings?

For account balances of less than $1,000, the fees and charges must not generally be greater than the investment earnings credited during the year. However, small accounts are still affected by normal government taxes, insurance premiums and investment returns (should they be negative).