From 1 July 2005, and in accordance with superannuation legislation, you can choose where your compulsory Superannuation Guarantee (SG) contributions are made.
Where does Paxus currently invest superannuation funds? What is the default fund?
Our default fund is AustralianSuper. This fund offers you wide investment choice, the ability to invest in options that have had strong performance, comprehensive insurance and competitive fees. The AustralianSuper Information Booklet provides information about the benefits of being with Australian Super – Paxus’ default fund. Click here to access the Booklet.
What are your choices?
You have two choices:
Do nothing, and we will set up an AustralianSuper account and make SG contributions on your behalf into our ARC Master Trust Fund.
Choose a different fund by filling out this Choice of Superannuation Form. It is important that your details are received by Paxus payroll, along with the necessary details of the new fund as a priority, to ensure we are able to process your choice of fund within the allotted timeframe.
There are a number of issues you should consider before selecting a fund, including fees, performance, your existing insurance arrangements, investment choice etc.
Choosing a different fund
If choosing a different fund, you must provide Paxus with the following details on the Choice of Superannuation Form, along with the letter of compliance:
The full name and contact details of the fund
Your account name in the fund
The fund number or other unique identifier (if any) that the fund uses to refer to your account
The fund’s Australian Business Number (if it has one)
What method Paxus can use to make the superannuation contributions to the fund and any necessary details to enable the payment to be made (NB: If Paxus has to register with a fund, Paxus has the right to reject that fund.)
The superannuation product identification number (SPIN) (if any)
Your Paxus Contractor Number (found on your contract)
A written statement, provided by or on behalf of the trustee of the fund, that the fund is a resident regulated fund and can accept your contributions.
This information is easily obtained by contacting your superannuation fund along with the letter of compliance required to answer all questions in Part B, option three. If the fund is a self-managed superannuation fund, evidence must be provided that it is a regulated superannuation fund.
This evidence must have originated from the Tax Office and must include either the notice of registration called Advice about regulation of your self-managed fund (for a new fund) or the letter of compliance called notice of complying fund status – self managed superannuation fund (if the fund has been in existence for two years or more).
If you intend to choose an alternate fund, please let us know immediately before you begin your contract and we will withhold payments as long as we are permitted by law until we receive your completed Choice of Superannuation Form. Typically, this is around 28 days, but if your contract starts close to the end of a Superannuation Quarter Due Date (identified on our Choice of Superannuation Form), then we must process your contributions to our default fund by the cut-off date to meet our obligations to the ATO.
Once we receive your correctly completed Choice of Superannuation Form, with written evidence from your complying fund, it may take up to two months for Paxus to process your choice. In considering your choice of fund, the ability of the fund to accept EFT will ensure your contributions are processed by Paxus more quickly than cheques. Please note that Paxus will only process one change of superannuation fund in any 12 month period. If Paxus has to register with a fund, Paxus has the right to reject that fund.
When will we pay contributions?
Legislation requires that employers and superannuation funds process contributions on at least a quarterly basis. In most instances, Paxus will pay your accumulated contributions into your elected fund on a monthly basis. The Choice of Superannuation Form shows Paxus’ cut-off dates for processing end-of quarter contributions. Paxus has no control over when the fund applies payment to your policy – nor their statement notification cycle. If you have any queries regarding your payment, please contact your fund first.
More information about AustralianSuper
If you would like more information about AustralianSuper, please contact your Paxus Contractor Care Consultant. Alternatively visit the AustralianSuper website: www.australiansuper.com