What superannuation details do I need to give to my employer?

Follow this simple guide to the superannuation details to give your employer whenever you start a new job.

Your superannuation account currently does not automatically follow you from job to job.

However, from 1 July 2021, this will change following an announcement in the October Federal Budget that aims to “staple” your super account to you whenever you change your employment.

When you start a new job, you currently have two choices regarding your super.

1. You may open a new super account with the super fund your new employer recommends, which is your employer’s nominated super fund. Your new employer will then pay your super contributions into this new account.
2. You may tell your new employer to pay your super contributions into a super fund of your choice. This may include a super fund where you may have an existing account.

What super details does an employer need when you start a new job?

Your employer may give you a form to fill in or have an online portal where you can enter your details.

If you’re not sure about your choice, you might like to read Super Decisions by the Australian Securities and Investments Commission (ASIC)¹, which aims to help you understand more about super and make better super decisions.

If you are ready to nominate your fund, here’s the information you’ll need to have:

• The name of your preferred superannuation fund
• The fund’s Australian Business Number (ABN)
• The fund’s Unique Superannuation Identifier (USI)
• Your member number (if you have an existing account)
• A letter from the fund trustee confirming that the fund is a complying fund and will accept payments from your employer.

You can find out all these details in relation to QSuper here.

Changes that mean your super will follow you

While your superannuation account currently does not automatically follow you from job to job, this will change from 1 July 2021. From 1 July 2021, the government intends you to keep your current super fund when you change jobs, rather than potentially ending up with numerous super accounts.

The changes were announced in the October Federal Budget and were part of a number of changes the Australian Government said was aimed at making it easier for workers to keep track of their retirement savings and to compare performance.

Under the change, called “stapling” your super account to you, your employer will pay your super to your existing superannuation fund if you have one, unless you select another fund.

Employers will get information about your existing super fund from the Australian Tax Office (ATO).

If you don’t have an existing super account and don’t make a decision regarding a fund, then the employer will pay your super into their nominated default superannuation fund.

What does my employer do with my super information?

If your employer does not receive your information and a super payment is due to you, the employer makes the payment to their own nominated fund by the date the payment is due.

Your employer then also has two months after you provide them the information to action your request. Within those two months they can pay your super either to the fund you have nominated or their nominated fund. After the two months though, your super payment must be made to your nominated account.

If you give your Tax File Number to your employer for superannuation purposes, they must provide it to your nominated super fund.

Your employer is not liable for the performance of the super fund you or they nominate, and you shouldn’t seek financial advice from your employer unless they are licensed to provide it.

Don’t become a lost super statistic

If you’ve given your employer your super information, there’s more you can do to make sure you don’t lose track of any of your super money.

According to the Australian Tax Office,² more than 10 million Australians had one super account in 2018, with around a further 6 million people holding two or more super accounts. Around 13% of super account holders had three or more super accounts.

While recent legislation aims to protect your super by reducing the number of small, inactive super accounts, if you change employment a few times and do not take any action, you may still end up with a few different accounts.

As a result, you may be paying multiple fees to multiple funds and it may be harder for you to keep track of your money. To avoid becoming a lost-super statistic when you change jobs, you may take your super with you.

How to find your lost super.

How to take QSuper with you when you change jobs

If you change jobs, you may take your QSuper account with you.

How to stay

Simply complete the Choose QSuper as Your Super Fund form and give it to your new employer.

1. ASIC, MoneySmart, July 2018, Super decisions, at www.moneysmart.gov.au
2. ATO data correct at 30 June 2018, updated 22 October 2019, Super data: multiple accounts, lost and unclaimed super, at www.ato.gov.au