Take the time to pick a super fund that's right for you now so future you can thank you later.
Superannuation (super), is important because the more you save, the more money you will have in retirement. It is a long-term investment which grows over time. Choosing the correct super fund initially may help you in the future, so take the time now to make the right choice for you.
There are several types of super funds in Australia, including industry funds, retail funds, and self-managed super funds (SMSFs). They all offer different levels of service, fees and return on your investment. Choose a super fund that suits your needs, goals and budget.
Within 28 days of starting a job your employer will give you a ‘superannuation standard choice form’ which will ask you information such as your name, tax file number and your super account information. Before filling out this form, take the time and pick a super fund that is right for you.
Follow the steps below to choose and set up your super account:
- Choose a super fund: There are many super funds in Australia, to help pick a fund that's right for you, you can use our YourSupercomparison tool and visit Choosing a super fundExternal Link on ASIC's MoneySmart website for more information on different fund types.
- Gather necessary information: You will need to provide your personal details, including your name, date of birth, tax file number (TFN), and employment information. You may also need to provide identification documents, such as a passport or driver's license.
- Open a super fund account: once you have picked a super fund that meets your needs and have the documentation required you can either create an account online via your preferred super fund's website or give them a call. It's important to note, if you already have a super account, consider continuing with that account or consolidating it with this new account to avoid fees from holding multiple accounts.
- Complete the form: Fill out the super choice form application provided by your employer and complete the relevant information including your super fund's name and your member number. You can also complete the form on ATO Online Services which you access through your myGov account (navigate to the Employment menu then select 'New Employment'). Submit this form to your employer. Your payslips should include how much super has been paid to your account by your employer. This does not mean they have paid that amount to your fund at that time. Employers may pay super contributions at different times, and that’s ok, but they must pay at least quarterly.
If you don't choose a super fund, your employer may contact us to request details of an existing super account of yours to pay your super into (known as a stapled super fund). If you have not made a choice and you do not have a stapled super fund, your employer can contribute to their nominated default fund for you. - Monitor your account: Regularly review your super account to make sure it's performing as you expected, your details are up to date and that you are receiving super contribution payments from your employer.
It's important to do your research and compare different super funds before making a decision. Consider speaking to a financial adviser if you're unsure about the best option for your circumstances.
It's never too early to think about your super.
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Take the time to pick a super fund that's right for you now so future you can thank you later.