February 19, 2021   |   Super

What is a default super fund?

When you hire a new employee, they are generally given the option to nominate a super fund into which you pay their super.

If they don’t nominate a fund, you are required to pay their super into your default super fund.

Your default fund needs to be a complying fund that offers a minimum level of life insurance and must be MySuper authorised. MySuper was introduced by the Federal Government as part of its Stronger Super reforms and was designed to give consumers access to a simple, low-fee super product that is easy to compare across super funds.

If you’ve chosen Sunsuper as your default fund you can rest assured that Sunsuper meets all of these requirements. In fact, Sunsuper was the first fund in Australia to be awarded a MySuper licence.

For more information on Sunsuper, visit our website.

If you’d like to choose Sunsuper as your default super fund, you can do it easily in Beam. There is also a simple to follow guide available on the Beam website.

If you are a Definitiv customer, you can also define your default super fund or super funds (if you have multiple) in the Definitiv platform. Your default super fund is also shown and made available to your new hires through the Onboarding module.

Learn more about Beam for employers.

Disclaimer: this communication is provided by Precision and contains general information only. Any advice does not take into account your personal objectives, financial situation or needs. Definitiv does not provide financial product advice and does not recommend any particular clearing house provider. Beam is issued by Precision Administration Services Pty Ltd (ABN 47 098 977 667, AFSL No. 246 604). Visit www.beamconnect.com.au for more information. Consider the PDS before making a decision. Precision is wholly owned by Sunsuper Pty Ltd ABN 88 010 720 840, AFSL No. 228 975 as Trustee for the Sunsuper Superannuation Fund (ABN 98 503 137 921).