The big Superannuation Trust of Australia (STA) has joined a number of other funds by offering a free clearing house service to assist employers ahead of the implementation of choice of superannuation fund.
The chief executive of STA, Mark Delaney said the clearing house service would be available from July 1 and was aimed at cutting administrative red tape and reducing costs.
He said the service would be offered through Automatic Data Processing (ADP), the world’s largest provider of payroll services, and would be offered free to employers who made STA their default fund for at least 50 per cent of employees.
Delaney said that employers who did not nominate STA as their default fund would also be entitled to the service, with the fund having negotiated preferential pricing.
“We have talked to employers and found that many are concerned that the new choice regulations will place additional burdens on their business,” he said. “Our aim is to assist employers meet their obligations and this is a tangible way of doing so.
“Managing the implementation of choice is a critical a issue for employers,” Delany said.
