Solutions

My staff choices

Since 1 July 2005, eligible employees have the right to choose which superannuation fund their super guarantee contributions go to. This is called Super Choice and gives them more control over their super and provides the flexibility of keeping their superannuation together even if they change jobs. 1

Which employees are eligible for Super Choice?

You can use the information provided on the Australian Tax Office (ATO) website as a guide to employee eligibility refer to Employers superannuation essentials.

New eligible employees must be provided with a Standard choice form within 28 days of their start date. Once the employee has made a choice, you must act on that choice.

What if they don’t choose a fund?

As an employer, it is up to you to choose a compliant default fund for employee contributions. Check for complying super funds at Super Fund Lookup.

When selecting a default fund, you should consider whether the fund has:

  • A good range of investment options
  • Reasonable fees
  • The minimum insurance coverage as per government's criteria
  • Comprehensive member education services
  • Efficient administrative options for you and your employees
  • Member benefits such as financial planning services.

Review your options

Things you should know
  • 1.There may be limited circumstances where your employer is not required to accept your Super Choice nomination, for example, if you have already exercised Super Choice in the last 12 months.
  • You can download the Financial Services Guide for BT Lifetime Super Employer Plan (PDF 73kb) or obtain a copy by calling 1300 553 010, visiting www.bt.com.au or from any Westpac branch.

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  • BT Funds Management Limited ABN 63 002 916 458 is the trustee of the BT Lifetime Super Employer Plan and is the issuer of interests in the Fund. A Product Disclosure Statement (PDS) is available for the Fund and can be obtained by calling 132 135, downloading the BT Lifetime Super Employer Plan Product Disclosure Statement (PDF 600kb), or visiting a BT Investor Centre. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in the Fund.
  • Investments in BT Lifetime Super Employer Plan are not deposits or other liabilities of the Bank or any other member of the Westpac Group. They are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither the Bank nor any other member of the Westpac Group guarantees the capital value or performance of these investments or the assets of BT Business Super except as specified in the information brochure.