Choice of Superannuation Fund Regulations - Consultation Paper

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The Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2004 (the Choice of Fund Act) gives effect to the Government’s policy to give employees the right to choose which superannuation fund their compulsory superannuation contributions are paid into. The measure takes effect from 1 July 2005.

Employers can meet their obligations under the legislation by entering into a certified agreement or an Australian Workplace Agreement with their employees. Contributions made under a state award or state industrial agreement also meet an employer’s choice of fund obligations.

There are a number of outstanding matters to be prescribed in the regulations. These include:

• The content of the standard choice form.
• The information an employee choosing a fund must give their employer.
• The minimum level of life insurance to be offered by the default fund.
• The exceptions to the general rule prohibiting a trustee or an associate from providing a benefit to an employer who chooses their fund as the default fund.

Treasury seeks views and suggestions from the community to assist in the development of these regulations. This paper outlines possible proposals for regulations, and identifies particular areas for comment.

Submission closing date: 30 November 2004

Address written comments to:

General Manager
Superannuation, Retirement and Savings Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: superannuation@treasury.gov.au

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