Choice of Super
From 1 July 2006, changes in legislation mean that most employees can now choose which superannuation fund they want their compulsory employer superannuation contributions paid into.
You'll be making a great choice if you choose WA Local Super as the fund your employer pays into. WA Local Super offers flexible investment choices, low fees and profits made flow back to the Plan members.
How do I exercise my right to choice?
Exercising your right to choice is easy. If you are already a member of WA Local Super and would like your employer to start paying into your WA Local Super account, you need to follow these three steps:
- Tell your employer you want your super contributions to go into your WA Local Super account.
- Complete a Choice of Superannuation Fund form
- Once completed hand it to your employer
Not a member?
If you would like your employer to start paying into WA Local Super you need to have an account set up with us first. To open an account simply follow these three steps:
- Download and read the Product Disclosure Statement (PDF).
- Complete the Super Solutions Application for Membership form. Make sure you choose the level of insurance cover that’s right for you and select the investment options that match your risk profile. Complete all sections of the form then sign and date it where indicated. It's important to include your Tax File Number and nominate your beneficiaries.
- Send your completed form to: PO Box Z5493, St Georges Tce, Perth WA 6831
Once your account has been set up your employer can start contributing into it. You simply need to complete a
Choice of Superannuation Fund form and hand it to your employer. Simple huh!
Employers obligation to honour a choice nomination
Some members have told us that their new employer said they were unable to pay into their super fund of choice and that they had to go with the employers default fund. In most cases this is incorrect, there are only a few situations in which an employee is unable to exercise their right to choice of super fund. Click here to view eligibility criteria.
If you are eligible to choose a super fund and you act on this by providing a Choice of Superannuation Fund form to your employer, your employer has two months to arrange to pay your contributions into that fund. After this time, any super contributions must be paid to your chosen fund.
More detailed information on employers obligations to honour a choice nomination is available on the Australian Tax Offices website.
Need help?
If you would like any help please give one of our friendly account managers a call on 08 9480 3500 or 1300 99 85 42 (Country Callers), or alternatively send an email to admin@walgsp.com.au. We are here to help.
Simplifying Insurance
Salary continuance insurance made easy
Temporary Residents
From 1 April 2009 members who are, or have been a temporary resident, are generally restricted in the manner in which they can access their superannuation.
The ATO will periodically issue temporary resident reports to superannuation funds who are required to transfer all amounts held in those member's accounts, to the ATO. If required, the Trustee will transfer any unclaimed superannuation of temporary resident's to the ATO.
Under relief granted by ASIC, exit statements are not required to be sent to the members advising that their account has been transferred to the ATO. WALGSP will be relying on this relief.
If a temporary resident subsequently contacts the fund, information about the payment to the ATO will be provided. Please note that any temporary resident has the right to contact the ATO and make an application to it requesting payment of any transferred unclaimed superannuation.