Superannuation

Exercising Choice of Superannuation Funds

Superannuation choice allows eligible employees to nominate a complying superannuation fund or retirement saving account (RSA) in which employer superannuation contributions under the Superannuation Guarantee (Administration) Act 1992 External site (SG Act) will be made. Employer superannuation contributions under the SG Act for employees under the Commonwealth Members of Parliament Staff Enterprise Agreement 2012-2015 will be made at the rate applying to the Public Sector Superannuation accumulation plan (PSSap), currently 15.4% of ordinary time earnings or the amount specified in the deed established by the PSSap, whichever is higher.

Employees who commenced their current term of employment under the MOP(S) Act after 1 July 2005 and are currently a member of PSSap, or a new employee who does not have an existing interest in the Public Sector Superannuation Scheme (PSS) or Commonwealth Superannuation Scheme (CSS), are eligible to exercise superannuation choice.

It is possible for existing employees who are members of the PSS to exercise choice of superannuation fund, however, they must first join the PSSap. PSS members may choose to cease their PSS membership at any time and join the PSSap. Once an employee is a member of the PSSap, the PSSap rules apply, allowing the employee to leave the PSSap at any time and exercise choice of superannuation fund. Employees wishing to cease their PSS membership and join the PSSap are advised to consult a licensed financial adviser prior to making any arrangements.

Existing employees who are current contributing members in the CSS are not eligible to exercise choice of superannuation fund.

If you are eligible to exercise superannuation choice and wish to select a fund of your choice, or change your existing choice, please complete Form 9: Superannuation Options [PDF Document - 53 KB] and provide it to Ministerial and Parliamentary Services.

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© Commonwealth of Australia 2010 | ABN 61970 632 495
Last Modified: 10 January, 2013