The Associationof Superannuation Funds of Australia (ASFA) has moved to assist employers confronted by the mysteries of choice of fund by providing a series of 13 fact sheets.
Announcing the launch of the fact sheets, the chief executive of ASFA, Philippa Smith, said that employers were the gatekeepers of choice and therefore needed to be kept well informed.
“As the industry body, ASFA is concerned that confusion could muddy the waters,” she said. “We have already received a number of calls and queries from employer groups, so felt it was time somebody took the initiative in providing useful information to employers”.
“It seems the superannuation industry and employers alike are faced with the task and responsibility of implementing the Government’s new requirements,” Smith said.
She said that of the 9.5 million employed people in Australia, ASFA had estimated that around 5.2 million employees potentially would have a right to choose their superannuation fund under the choice of fund legislation.
“For all companies, choice of fund will require an attention to detail,” Smith said. “For some, the key will be to determine which employees are eligible for choice.”
