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Offering employees a choice
Certain employees have the right to choose where they want their compulsory employer contributions paid.
For those employees who are eligible, you must provide a Standard Choice Form to them within 28 days of their start date. For more details about choice of super fund and how to meet your responsibilities as an employer, visit the ATO website.
To pay super contributions for employees to a non-Suncorp super fund, you won’t have to run around and make separate payments to each different fund. Suncorp EASETM lets you make contributions to as many different complying funds as you need to.
Providing Tax File Numbers
Providing your employees’ Tax File Numbers is very important. If you don’t provide your employees’ TFNs to us, they will not be able to make any voluntary contributions and may pay more tax than they need to on their super.
When an employee has provided their TFN the law requires the employerto pass it on to their super fund. It is generally required that you do this when you next make a contribution for any employee who has provided their TFN to you.
However, if you receive an employee’s TFN within 14 days of sending your contribution for the employee, then you have up to 14 days from receiving the TFN to pass it on to the fund.
A MySuper product is designed to be a simple, cost-effective superannuation investment option aimed at people who aren’t actively involved in managing their super.
The Suncorp Lifestage Fund – our MySuper investment option
Our MySuper product is the Suncorp Lifestage Fund, which meets all of the government’s MySuper requirements.
Designed with our investment partner Morningstar, a worldwide leader in investing, the Suncorp Lifestage Fund brings together the skill and expertise of a number of quality investment managers from Australia and around the world. It takes a ‘lifestage’ approach to investing – which means we’ll allocate a diversified investment mix determined by age and automatically change the mix over time.
When a new employee joins your super plan and does not make an investment selection, their super contributions will be automatically invested in the ‘MySuper’ default investment option – the Suncorp Lifestage Fund.
Details of the employee’s investment and the full range of investment options for their plan, along with how to make a new investment selection, will be available via their online account and we’ll send them details on how to access it shortly after joining.
To learn more about the Suncorp Lifestage Fund and its ‘lifestage’ approach to investing, or the benefits of Suncorp Brighter Super or Suncorp Everyday Super for you and your employees, download the Brighter Super Product Disclosure Statement and Product Guide or the Everyday Super Product Disclosure Statement and Product Guide. Both Suncorp Brighter Super and Everyday Super are approved MySuper products.