Employees have the right to choose the superannuation fund into which their Superannuation Guarantee contributions are to be paid.

However, Employers must nominate a default superannuation fund for their employees who don’t exercise their right to choose.

Nominating a default fund

Employers must nominate the workplace default fund for all employees who do not return a completed Standard Choice form. This is the fund into which you will make their Superannuation Guarantee contributions.

For those Employers whose employees are covered by an award or awards:

• Most modern awards have a superannuation clause which nominates a default fund(s). However, if an award covering your employees does not nominate a particular default fund, you are required to choose a fund to be the default fund.
• If the award nominates more than 1 fund, you are required to choose one of those funds listed as your default fund.

If you’re not sure which award(s) covers your employees, check the Fair Work Australia website.

For those Employers whose employees are covered by an Enterprise Agreement:

• If your Enterprise Agreement names a default fund, you contribute to the nominated fund
• If your Agreement doesn’t nominate a default fund, when you negotiate a new agreement,  why not include the default fund to be used for employees who don’t choose their own fund.  Or, if your current enterprise agreement still has some time to run, you could seek your employees’ agreement to vary it to add in a default fund.

For those Employers whose employees are not covered by either an award or enterprise agreement:

• You must nominate a default fund: you can do this as an administrative action or you can negotiate an enterprise agreement setting out all of your employees’ terms & conditions of employment, in which you also name a 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

AustralianSuper has been named as a default fund in 73 of the 109 modern awards which include superannuation provisions, a presence unequalled by any other fund.

View which awards name AustralianSuper as a 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 Account Manager in your State or Territory, 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. View AustralianSuper's investment options.

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. View AustralianSuper's investment performance history.

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 $1.50 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.

Use Super AppleCheck to compare AustralianSuper’s benefits and services against other super funds.

^{*AustralianSuper does not recommend, endorse or accept responsibility for this product or service. Terms and conditions apply – these should be obtained from the relevant third-party organisation. AustralianSuper does not accept liability for any loss or damage caused by the products and services provided by this third party. AustralianSuper may invest in this third party but does not receive any commissions from this organisation as a result of members using their products and services.}

Important note

Unless you hold an Australian Financial Services Licence (AFSL), or are an authorised representative of an organisation that holds an AFSL, you cannot recommend any financial products or give advice about any superannuation funds.

Breaches of the relevant legislation could expose employers to hefty fines and/or imprisonment.

Any person wanting advice about financial products should seek advice from an Australian Financial Services licensee or an authorised representative of a Licensee.