Choice of Fund allows eligible staff to instruct the University to pay superannuation contributions into the staff member’s nominated superannuation fund. From 1 November 2021, Choice of Fund legislation requires the University of South Australia to offer eligible staff their choice of superannuation (super) fund.
All new staff joining the University will be offered Choice of Fund and will receive a Choice of Fund election form to complete as part of their onboarding.
Existing staff members who have previously submitted a Choice of Fund election form, or who are members of the UniSuper Accumulation 1 or Accumulation 2, will also be eligible to submit a Choice of Fund election form once in a 12-month period.
Choice of Fund provisions exclude members of defined benefit funds, such as UniSuper's Defined Benefit Division, from Choice of Fund.
Defined Benefit Division members in the first two (2) years of membership may be eligible to transfer to Accumulation 2, creating eligibility for Choice of Fund. Please contact UniSuper on 1800 331 685 to find out more about this option.
A Single Default Account (‘stapled account’) is an existing super account which is linked, or 'stapled', to an individual so that it follows them as they change employers.
The Australian Taxation Office (ATO) will provide details of an existing super account, when requested by UniSA, if you do not provide UniSA with a valid Choice of Fund election form.
If you want to check what super funds the ATO has registered for you, you can view these details through your myGov account.
By submitting a valid Choice of Fund election form, with the required supporting documentation, via the AskPTC Enquiry Form.
A valid Choice of Fund election form must be submitted on a Superannuation standard choice form, or other equivalent form, provided by your elected super fund.
Your elected super fund must be a complying super fund, and a Trustee Compliance letter is required to be submitted with your Choice of Fund election form.
Your Choice of Fund election form should also include sufficient account details and fund identifiers, i.e. Name, ABN, USI, etc, to allow payment.
If your form contains insufficient details, your election will be not be valid, and your contributions will be paid to your existing fund.
You will be notified by email and provided the opportunity to resubmit your Choice of Fund election form.