Guide to Superannuation at SBS
SBS provides several options as to where you can direct your superannuation contributions. The following are available:
| Option | Details |
|
Australian Super |
Australian Super is the SBS default fund. An Industry Super fund they are one of Australia’s largest super funds.
NOTE: SBS has an obligation to check with the Australian Tax Office (ATO) to ensure you do not have a current superannuation fund. If there is a current superannuation fund and you have not provided any alternative fund details, SBS has an obligation to process your superannuation using the fund details provided by the ATO.
https://www.australiansuper.com/ Phone: 1300 300 273
|
| PSSap |
The Public Sector Superannuation accumulation plan is a super fund that is only available to current and former Government Employees
https://www.csc.gov.au/Members/Funds-and-products/PSSap Phone: 1300 364 144 |
| Self-Managed Fund or another Fund of your choice |
n/a |
Which Fund is best for me?
You are free to choose an existing fund or choose a new fund. Note: SBS will not be able to use the default superannuation fund (Australian Super), if you have a current superannuation fund registered with the ATO. If you wish for SBS to process your superannuation to a specific fund, please ensure the details are provided.
SBS cannot give advice on which super fund you should choose.
You should carefully consider the Product Disclosure Statement for your chosen fund and consider fund performance and fees over time when making decisions. Fund performance can be highly variable and we encourage you to do some research on your preferred fund before you make a decision.
Australian Super provide a handy Super Comparison tool that can be used to compare Australian Super against other funds including PSSap
https://www.australiansuper.com/compare-us
If you don’t choose a fund SBS will check with the ATO for any current superannuation fund you have registered, and SBS are obligated to pay to that fund. If you do not have a current superannuation fund registered with the ATO, then SBS will pay to our default fund which is Australian Super.
What if I want to change funds?
Changing funds is easy. Simply complete a MyPay Form called “Superannuation Choice Form” and the link is as follows: Superannuation Choice Form
How is super applied to me if I am covered by the Enterprise Agreement versus the Senior Leadership Group?
Enterprise Agreement covered employees fall into two categories:
Enterprise Agreement Levels 1-6 (Base + Super)
These employees are paid a base salary to which super and other allowances are added. Any changes to superannuation are in addition to base salary.
Enterprise Agreement Level 7 (Total Remuneration arrangements)
These employees are engaged under a total remuneration arrangement meaning they are paid a total package inclusive of superannuation. Any changes to the superannuation contributions for those with PSSap funds are adjusted within the total remuneration and the total package remains the same.
The Senior Leadership Group are a group of approximately 90 Common Law employees who are engaged under a Total Remuneration arrangement meaning they are paid a total remuneration package inclusive of superannuation. Any changes to the superannuation contributions for those with PSSap funds are adjusted within the total remuneration and the total package remains the same.