Western Australian Consolidated Regulations Western Australian Consolidated Regulations[Regulation 4]
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Industrial Relations (Superannuation) Regulations 1997 , reg. 4 Form 1 Notification of Choice of |
Employer to make superannuation contributions
Your employer is required by an award, order or industrial agreement to make
certain superannuation contributions for you. You may also be able to make
contributions of your own.
Which fund?
You are entitled to choose the superannuation fund to which your contributions
will be paid. You may choose any fund that is —
•
a complying fund for the purposes of the Commonwealth
Superannuation Guarantee (Administration) Act 1992 ; and
•
able to accept contributions from your employer.
The trustee of a fund you wish to join should be able to tell you if the fund
complies with these requirements.
Unless and until you nominate a fund, subject to any applicable award, order
or industrial agreement, your contributions will be paid to a fund chosen by
your employer.
How to nominate the fund of your choice
To nominate the fund of your choice you must give notice in writing to your
employer specifying which fund you have chosen.
Changing funds
Once you have nominated a fund you cannot change your nomination and choose a
different fund unless your employer agrees. However, your employer cannot
unreasonably refuse to agree to a change of fund.
MAKE THE RIGHT CHOICE
Choosing the right fund is a complex decision. Before you nominate a fund read
the “Information for Employees” on the back of this form and
consult your accountant or an independent financial adviser to make sure it is
the best fund for you.
Back of Form 1
Information for Employees
Before you nominate a fund there are many things you need to consider to make
sure the fund is suitable for you. Some of the things you should consider
are —
•
the type and level of benefits provided by the fund
•
the fees and charges charged by the fund
•
the type and level of insurance provided by the fund
•
the preservation requirements applying to benefits in the fund
•
any other restrictions on access to benefits
•
the trustee’s procedure for checking that employer contributions
are being made
•
whether the fund permits additional member contributions
•
the fund’s complaint resolution procedure
•
what sort of investment options are available to fund members
•
whether the trustee employs fund managers, actuaries, stockbrokers and
other advisers , and if so who they are, what they do and how much they are
paid
•
whether there is a “cooling‑off ” period for
new members
•
the tax implications of making contributions and receiving benefits
•
the quality and frequency of information about the fund’s
investments and performance provided to fund members by the trustee.
If you are already in a superannuation fund you should also consider the
consequences of changing to a new fund. Some of the things you should consider
are —
•
whether you can transfer benefits from your current fund to the new
fund, and whether there are fees for doing this
•
whether there will be changes in your contribution and benefit levels
•
whether there are any fees or charges to exit from your current fund
•
whether changing funds will affect the preservation requirements
applying to your benefit
•
the tax implications of changing funds.
MAKE THE RIGHT CHOICE
Choosing the right fund is a complex decision. Before you nominate a
fund —
•
carefully read the member booklet, prospectus or other information
provided by the trustee of the fund; and
•
consult your accountant or an independent financial adviser,
to make sure it is the best fund for you.
[Schedule 1 amended in Gazette 1 Sep 1998 p. 4823.]