What to consider when choosing a default super fund

Employer news
9 May 2023
by CareSuper

Selecting the right default super fund for your business is an important decision. Choosing a high-quality fund, like CareSuper can mean a brighter future for your employees and make it easier for you to meet your super obligations. 
 

What is a default super fund?

Default super funds are employer-nominated super funds that you pay your employee’ s super into if they: 

  • Haven’t chosen a fund, and
  • Don’t have a stapled super fund.

Wondering about how to choose the correct fund to pay an employee’s super? This flow chart can help.

Rules for nominating a default super fund

There are several rules you need to consider when choosing a default fund. 

  • The fund must be a complying fund that meets specific requirements and obligations under super law.
  • The fund must be registered by the Australian Prudential Regulation Authority (APRA) and offer a MySuper product (these are cost-effective superannuation products with a basic set of features).
  • The Modern Awards may also specify the super fund(s) you can choose to nominate.

Choosing a default fund doesn’t lock your business into a contract, you can change your default fund in the future if you wish to.

Choosing CareSuper as your preferred fund

CareSuper meets the requirements to be appointed as a default super fund, and we’re a fund of choice across a broad range of industries. 

Why do other employers choose us? We’re an award-winning Industry SuperFund with low fees and consistently strong investment performance over the long term. We’ve also built our reputation on providing superior personalised service by our client partnership team.

Here’s what Mark Joy, Chief Financial Officer and Company Secretary at Interflora, says about partnering with us.*

‘The CareSuper team’s always there when you need them. The time they invested to make sure we met our super obligations was outstanding — they made sure we didn’t miss a beat. Following initial set up, CareSuper’s ongoing support has also been amazing, and I’d highly recommend them to others.’

Learn more about partnering with us

To learn more about partnering with us, please contact our client partnership team. You can also read more about the advantages of choosing CareSuper here. 

*The opinions expressed are those of the employer and do not necessarily reflect CareSuper’s policies or opinions.