Switching jobs can be exciting but also challenging. Among the many considerations, you might wonder what to do with your superannuation savings. Luckily, it’s not very complicated. Now that your superannuation is now “stapled” to you, it’s easier than ever to make sure your employer pays into your active super account.
Who chooses my super fund when I change jobs?
Think about what happens with your bank account when you change jobs. Your employer gives you a form, and you fill it in with your bank account details so they know where to pay your wages. Your super works the same way. You should get a standard choice form within 28 days of starting your new job. Fill in the form with your super account details so your employer knows where to pay your super. Some of the information is account-specific, so if you can’t find it, contact us for your membership number. You’ll also need our USI number, which you can find any time under ‘Fund information’ on our website (but to save you looking it up, if you’re a Super Saver member it’s 24496637884020 and if you’re a Vision Personal member, 24496637884003).
If you don’t fill in the choice form, your employer will check with the ATO to see if you already have a super account. If you do, and it can accept contributions, in most cases your employer will make your super contributions to your existing fund. This process is called “stapling.” The aim is to prevent you ending up with a bunch of super accounts being opened every time you change jobs. You don’t have to do anything; your employer will find out via the ATO which fund to pay your super into.
Once that’s done, keep an eye on your payslip and log into your super account to check your transactions to confirm your employer’s contributions have started arriving.
We can help
Working and saving for retirement is an important stage in anyone’s life. Take the time to consider your options and seek professional advice if needed. Our financial planners will help you understand all aspects of your financial life, including where you are now, where you want to be, and how to get there. Financial advice fees may apply.
Contact us at 1300 300 820, Monday to Friday, 8:30 am to 5 pm, to set up an appointment or email [email protected].
