Choices In Superannuation

Hospitality Crew: There's been a lot about choice of superannuation fund in the media lately what's that all about?
Brendan O'Farrell: Choice of superannuation was introduced in July 2005. It was predominantly introduced to give members of the public and members of superannauation funds greater flexibility in control over where they want their employer contributions paid to. So if they weren't happy with their current provider of superfund that could just take the money from them and place it into another fund in which better meets their needs.

Hospitality Crew: What are the benefits of choice?
Brendan O'Farrell: The benefits of choice, control, flexibility, they would be the two main benefits. It gives the individual more control over their destiny going forward.

Hospitality Crew: Can anyone choose their own superfund?
Brendan O'Farrell: The majority of people do get to be able to choose their own super fund, but there's some exceptions. Some of the exceptions are that if the employer has an enterprise bargaining agreement in place or a collective agreement in place, under these types of agreements they usually nominate a superannuation fund which prohibits choice.

Hospitality Crew: How do I go about getting my employer to pay into the fund I choose?
Brendan O'Farrell: First of all I'd contact your HR department or payroll department to actually ascertain if you do have choice. If you do have choice complete the superannuation choice form, hand it back to your payroll department or HR department and that will ensure that your future contributions are paid to the fund that you've nominated.

Thanks to the great folks at Siggi's - the Stamford Plaza in Brisbane for allowing us to film this segment there