TWUSUPER makes it simple for employers
What is a default super fund?
A 'default super fund' is the fund where an employer pays super contributions for employees who haven't chosen their own super fund. It must be a complying fund with a default balanced (MySuper) option. The default fund system ensures there is always somewhere compliant to pay super so employers can always act lawfully.
The employer's default super fund will only be used when:
- The new employee does not already have a 'stapled' fund which can be found through the ATO search; or
- The employee hasn't made a choice of fund (if an employee submits a choice of fund form the stapling mechanism doesn't need to be used).
How do you nominate a default super fund?
There are five simple steps for an employer to follow to set up a default fund for your employees.
Step 1 – Choose a complying super fund
This means a fund that complies with the regulations, as TWUSUPER does.
Step 2 – Inform your employees of the default fund
Step 3 – Inform your employees that they have choice of fund
You will need to hand out the standard choice form with the fund details for section B, for example:
- Super fund name – TWUSUPER
- Unique super identifier (USI) - TWU 0101AU
- Phone – 1800 222 071
- Fund website – www.twusuper.com.au
Step 4 – Provide TFNs to the fund
If your employees have given you their TFNs you need to pass them on to the super fund.
Step 5 – Keep Super Guarantee records
This is how much Super Guarantee you have paid for every employee.
Is your current default fund working for your employer?
Does your current default fund help you with your super?
TWUSUPER’s dedicated account managers are experts in superannuation and are here to help employers every step of the way.
From getting you started to guiding you with your super, we’re here for you. Most importantly, we explain things in plain English so you won’t be more confused than when you started.
Does your current default fund help your employees manage their super?
We offer a range of on-site super and retirement planning sessions tailored to your workplace and hours, so that your employees can make informed choices about their super investments and plan for a more enjoyable retirement.
Why choose TWUSUPER?
There are many good reasons why companies across Australia have chosen TWUSUPER as their default employer super fund.
- We have nearly 40 years’ experience in the industry.
- Employers who join TWUSUPER can register with QuickSuper*, a Superstream and Single Touch Payroll compliant clearing house free of charge. This lets you pay multiple super funds with a single payment and data file.
- TWUSUPER has a history of delivering a solid investment performance over the long-term. The Balanced (MySuper) option has delivered an average annual return of 7.60%** in the 10 years to 31 October 2022.
- We’re here to help – from providing super seminars at your workplace, to providing the tools and resources you need to manage your super obligations so you can get on with running your business.
- And finally, but most importantly, we care.
To find out how to make TWUSUPER your company’s default super fund, contact your account manager and discover what good service and help should be.
*The QuickSuper service is provided to you by Westpac Banking Corporation ABN 33 007 457 141 ("Westpac") at the request of TWU Nominees Pty Ltd, ABN 67 002 835 412, AFSL No 239163 as Trustee for TWUSUPER ABN 77 343 563 307 L0000246, Westpac terms and conditions apply to the QuickSuper service which you will be asked to accept. General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. You should also consider Westpac's Product Disclosure Statement (PDS). The PDS is relevant when deciding whether to acquire or hold a product.
QuickSuper is a financial product operated by Westpac Banking Corporation ABN 33 007 457 141, AFSL 233714.
The trustee is not responsible for and does not accept liability for the products and services of QuickSuper. You should use your own judgement before deciding to use QuickSuper.
The QuickSuper service and other products offered on this website are intended for use in Australia only. The products and services offered on this website are not available to individuals located in the European Economic Area.
**Investments can go up and down. Past performance is not necessarily indicative of future performance. Net of taxes, fees and investment expenses. The Balanced (MySuper) option was known as the Balanced option prior to 1 July 2013.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statement (PDS). The PDS is relevant when deciding whether to acquire or hold a product. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at twusuper.com.au/tmd.