Do I have to join a new super fund when I start my new job?
When you start your new job, your employer should ask which super fund you’d like them to make your super contributions to.
If you don’t provide your preferred super fund details, your employer will choose a default fund for you, which is often an Industry SuperFund. However, this could mean an additional super account for you with additional fees which could eat away at your retirement savings. So make sure you consolidate any additional super accounts you have into REI Super.
If your employer doesn’t provide a choice of fund form, you can use the REI Super Choice of Superannuation form.
How much super does my employer have to pay me?
Your employer must pay 9.5% of your income into your nominated superfund if:
- you’re over 18 and earning more than $450 in a month, or;
- you’re under 18 and work more than 30 hours a week (still earning more than $450 in a month).
If you’re unsure whether or not your employer is correctly paying your super, you can check by looking at your pay slip. This is required to show the amount of super you’re getting. If you think your employer is not paying your super contributions, then follow these steps outlined by the Australian Taxation Office.
What's the best way to manage my super when changing jobs often?
Make sure you’ve consolidated your funds to a single REI Super account to save on additional account fees.
Then select your existing REI Super account by giving your new employer the REI Super Choice of Superannuation form when you start. Easy.
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The products or services being advertised are provided by third parties not REI Super and therefore will not be the responsibility of REI Super. REI Super may invest in these third parties but does not receive any payments or commissions from these organisations as a result of members using the products and services. Members should make their own assessment and seek professional advice as to the suitability of such products or services for their individual needs.
* This information has been issued by Industry Fund Services Ltd (Industry SuperFunds). This information does not take into account your situation and you should consider if these products are appropriate for you.