Choosing a Fund

The following information will help guide you through Choice of Fund:

1	Do Nothing	You do not have to choose a fund. If you do not make a choice, your employer's contributions will be paid into the fund that your employer has chosen (the "default fund"). You should check that you are happy with the Default Fund nominated which will be on the "Standard Choice Form" provided by your employer. If you are eligible to choose your own fund (see point 3) and wish to choose a different fund, you can nominate an "eligible choice fund". Cbus is an "eligible choice fund". You can make a choice later if you like.
2	Choose A Fund	You can choose a different fund for your employer's future contributions (Your employer is required to accept only one choice every 12 months). Use the "Standard Choice Form" to indicate your choice of fund.
3	Are you Eligible?	Not everyone is covered by the new Choice Legislation. Choice of Fund does not cover:· people employed under certified agreements or Australian Workplace Agreements that specify the superannuation fund/s that the employer must pay into;· those covered by State Awards or Industrial Agreements that specify the superannuation fund/s that the employer must pay into;· certain defined benefit funds;· certain public sector funds. In these cases you do not have to make a choice. Ask your employer or union if you are unsure whether you are covered by a Certified Agreement.
4	Things You Should Consider Before Changing	Using the Product Disclosure Statements (Handbook) you should compare funds before changing. Some important things to consider are:· Fees Insurance Cover Investment Choice Long-term Investment Performance Exit penalties if you leave your current fund There might be other benefits associated with your current super fund membership, for example, access to other products and services. N.B. You should not seek financial advice from your employer unless they are licensed to provide such advice.
		Read part A question 4 carefully. This is where your employer will indicate: whether your superannuation contributions are "currently made at a higher level than the required 9%"; and whether superannuation contributions will continue at this higher level "if you choose a fund other than the fund named by the employer" in part A question 2. If your employer answers "Yes" to the first question and "No" to the second question you may be worse off by making a choice (of superannuation fund) yourself. It would be advisable to seek financial or professional advice before making a decision to proceed with your choice in this instance.
5	How do you Make a Choice?	A fund's ‘Product Disclosure Statement' will tell you about its features and benefits. Your employer will have a form ("Standard Choice Form") that you will need to complete and submit to your employer with details of your chosen fund including:· ABN Superannuation Product Identification Number instructions for your employer about how to make contributions to that particular fund written evidence that the fund will accept contributions made by the employer on your behalf) contact details for the new fund.
6	How Your Employer Can Make Payments to Cbus	Your employer can register with Cbus in order to make payments on your behalf. An Employer Kit which includes everything needed for them to join the fund is available from Cbus Administration - tel 1300 361 784.