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ARTICLE · 07 FEBRUARY 2013

Applications opening soon for default super fund listing

Hall & Wilcox
Hall & Wilcox
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Hall & Wilcox

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These changes mean important opportunities for funds to be listed as default superannuation funds under modern awards.

AustraliaEmployment and HR
Karl Rozenbergs
Karl Rozenbergs
Pamela McAlister
Pamela McAlister

In addition to the Stronger Super reforms currently impacting the superannuation industry, changes made in late 2012 to the Fair Work Act 2009 have the capacity to significantly alter the influx of new superannuation contributions to funds where the fund's participating employers are subject to a modern award. This is because, generally speaking, if a fund is named in the modern award, an employer must make contributions to that fund unless an employee chooses an alternative fund.

The Federal Government has responded to recommendations made by the Productivity Commission's Report into Default Superannuation Funds in Modern Awards by implementing significant changes to the way default funds are included in modern awards.

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