Employers will have helpful information on superannuation choice at their fingertips from this week.
"The Choice of Fund Employer Guides will be rolling out to super funds and business mailboxes from this week, and will reach around 900,000 businesses. All the information most employers will need in order to meet their obligations under superannuation choice are in the first 5 pages of the Guide. The rest of the booklet provides helpful information, definitions and guidance.
Employers will also be sent copies of the standard choice form. The form has been kept to two pages, with employers only required to fill out one half of an A4 page. Employers will be required to provide a standard choice form to each of their eligible employees by 28 July 2005 (and to any new employees within 28 days of starting work).
Consultations with businesses and employer groups identified direct mail and the internet as the preferred options for communication on superannuation choice. A one-stop-shop website and phone service are now live to provide assistance in addition to the direct mail out.
"Employers who want to access electronic information with the click of a mouse button will benefit from the one-stop-shop website www.superchoice.gov.au.
"Others may prefer to simply pick up the phone and dial the 13 28 64 information line.
The first of July will be an historic occasion for Australian workers. For the first time, many employees will have a say as to who manages their retirement savings.
"For most Australians, superannuation is their second largest financial investment after buying a home. If they can shop around and choose their own mortgage, they should be able to choose who manages their retirement nest egg."
The Choice of Fund Employer Guide will also be available on the Assistant Treasurer's website www.assistant.treasurer.gov.au, or the super choice website www.superchoice.gov.au.