In Australia, employers are required by law to make superannuation contributions on behalf of their employees to help fund their retirement. When you start a new job, your employer will give you a superannuation standard choice form (also known as a superannuation nomination form) to fill out, which allows you to choose the superannuation fund that you would like your employer to make contributions to on your behalf.
How to complete this form
Here are the steps to fill out the superannuation standard choice form in Australia:
- Provide your personal details, including your full name, date of birth, and tax file number (TFN).
- Choose your superannuation fund. If you don’t have a preferred fund, your employer may have a default fund they use for all employees. You can also choose to create a new account with a different superannuation fund.
- Provide the name and details of your chosen fund, including the fund’s ABN (Australian Business Number), USI (Unique Superannuation Identifier), and product name.
- If you have more than one superannuation account, you can choose to consolidate your accounts by transferring your existing balance to your new account.
- Sign and date the form.
- Return the completed form to your employer, who will then start making superannuation contributions to your chosen fund on your behalf.
It’s important to choose a superannuation fund that suits your needs and preferences, as this will affect the performance of your retirement savings over time. You may want to do some research and compare different funds before making your choice.