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Choice Of Super Fund Enterprise Agreement

“Improving the efficiency of contribution processing (through the introduction of SuperStream) has facilitated the right to choose the fund and individuals should have the right to make the choice, unless there are specific factors such as the rights and obligations of employers and members with respect to defined benefit funds,” said Martin Fahy, head of the Association of Superannuation Funds of Australia. Once you have completed the form, give it to your employer. You don`t need to send it to your superfund or the ATO. The bill was passed following the approval by the House of Representatives of the government`s two Senate amendments to revise the launch date so that it applies to company agreements and employment provisions that were adopted from 1 January 2021 (instead of 1 July 2020 as originally proposed). The other amendment by Senator Rex Patrick (Independent) requires Australia`s Prudential Regulatory Authority (APRA) to review the provisions to identify unintended consequences, including the continued viability and profitability of defined benefit systems. The review of APRA must be completed within 30 months of the royal compliance of the law and include consultation with industry stakeholders. The decision was made to support Option 2 on the basis of a “judicious extension of selection while minimizing compliance costs for employers”. The legislation amends the Superannuation Guarantee Act 1992 to allow workers covered by employment rules or company agreements on or after 1 July 2020 to choose their pension fund. .