I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Providing Information to Superannuation Funds

In some cases where a default fund absent, employees experienced difficulties in having employees nominate a particular fund. This makes the employer vulnerable to payments since they have no chosen fund to put money into. Those who have default fund will utilize such fund without employee nomination, and some will inform the employee of the situation and hold payments until a fund is chosen.

Employers present the preferred information upon the request of superannuation funds as a new employee enters the organization. The information required will depend upon the fund although this will be treated as an easy procedure with no great purpose.

Select a Default Fund

The majority of employers haven't selected the default fund; it had been inherited in most instances. To those who become engaged in choosing a super fund, the procedure was considered direct, although it also reflects a probable lack of classification among funds instead of accessing extensive and accurate information. As a matter of fact, superannuation is treated as a complex system with many variations.

Employers examine funds according to how easy it is for them to contribute and process. Some funds need employers to become members to contribute for their employees. Some don't consider this as beneficial when multiple funds are involved. Also, the majority of employers are looking for ease of online transaction and processing when selecting a default fund. Lower fees are also crucial. Some employers are also searching for funds that be highly engaged in communicating with employees and there aren't many variations in which funds are engaged in such a manner.

In some cases, super funds regularly represent workplaces to give updated and talk about superannuation with customers. In many cases, there is also no personal interaction with the super fund. Incidences of engagement from super funds seem to come from the fund itself or the merging of members into one workplace. Thus, where many funds are involved, it's improbable that super fund representatives will be visiting the work environment.

Employers did not report being provided with incentives or inducements to compel employees to choose a default fund. Due to the reluctance of employees in providing any advice on super options, it's highly unlikely that the strategy will work in most cases. Usually, they just ask the new employees about the fund of their choice and provide them with the default fund if they prefer it.

If you want more in-depth information on the nature of superannuation funds, go to www.australiansuperfinder.com.au

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