What happens when you change jobs
Making sure your new employer pays super into your choice of fund just got easier. Find out how stapling works and how to sort out your super when you change jobs.
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Who chooses your super fund when you change jobs?
You almost always have a choice about which fund your employer pays your super into. Employers will have a default fund that you can have as your super fund if you want. But, if you don’t actively choose a super fund and have an existing account, your employer will make super payments into your existing fund. You’re also free to choose any fund you wish, whether that’s the fund your new employer offers, the one you have now, or a different fund altogether.
Can you take your super fund with you?
Yes you can and it’s really easy to stay with your existing super fund. Thanks to new super stapling rules, your current super fund follows you from job to job. Your employer will automatically pay your super into the same fund you have unless you choose a different one (or the fund won’t accept payments from your new employer).
If your existing super fund has been set up by an employer, you could be getting discounted rates and other benefits that you wouldn’t have access to with a different super fund. It’s always worth comparing what each fund offers before choosing which one you want a new employer to pay into.
If you are an existing IOOF member, you can find out about your current fund benefits by logging into your super account, or by calling us on 1800 913 118.
Find out how to take IOOF super account with you to a new employer.
How do you choose a fund?
When you start a new job, your new employer will generally give you the chance to choose a super fund for your super payments. You’ll usually do this using a Superannuation standard choice form or perhaps during an online onboarding process.
What happens if you don’t make a choice?
If you don’t make a choice, your employer will contact the Australian Taxation Office (ATO) to find out if you already have a super fund to pay your super into. This is called your stapled fund and this will usually be the super fund you had with your last employer.
What if you don’t have a super fund?
If you’re not a member of any fund and you don’t choose one using the Superannuation standard choice form, then your new employer will pay your super into their default super fund. The employer’s default fund will be listed on the standard choice form or during the onboarding process.
What if you have more than one super fund?
With stapling, your employer will generally pay your super into the account where you’ve been getting your most recent super payments. But if you haven’t worked for a while or haven’t been getting super payments lately, there are other tests the ATO use to pick a fund for you.
To be sure your super will be paid to the fund of your choice, just be sure to include the correct super fund details on the Superannuation standard choice form or during online onboarding and your employer will take care of it.
Find out how to choose your existing IOOF super account here.