Resources

Why go it alone? With a range of valuable resources for employers, OnePath makes it easier to administer your fund, and keep your employees informed.

Choice of fund

What is does Choice of Superannuation Fund mean for employers?

Choice of Superannuation Fund (COF) legislation allows employees, with some exceptions, to choose an eligible super fund into which their employer Superannuation Guarantee (SG) contributions are paid.

COF was introduced to provide employees with the freedom to select their own super fund, and to encourage people to take control of what for many will be their biggest source of retirement savings.

For employers, this means you may have to pay super contributions to multiple super funds - potentially increasing your administrative workload.

OnePath's Choice of Fund support

To make it easier for you to fulfil your obligations under COF, OnePath's Super Clearing Service (128kb PDF) is provided free* to all OnePath employer customers.

It allows you to pay your COF contributions (i.e where your employees have chosen their own fund) simply and easily online when you pay your regular contributions via EasyTransact.

To find out more about the service, or to register click here.

Our dedicated EasyTransact Helpdesk is also available between 8:30 and 5pm (Sydney time), Monday to Friday:

*The Super Clearing Service is free of charge to employers who nominate Integra Super or Corporate Super as their default super fund, and where at least 50% of their employees have their contributions paid to that fund. The 50% assessment will be based on the total number of employees whose contributions are being administered through EasyTransact.

 

More information
ATO superannuation information for employers

Modern awards

Overview

What does it mean for super?

As part of its industrial relations reform, the Federal Government introduced a set of Modern Awards (approximately 150) to replace thousands of existing awards. The Modern Awards have been in effect since 1 January 2010.

As well as covering wages and conditions of employment, the Modern Awards specify a selected range of super funds, one of which an employer must use as its default superannuation fund. The Modern Award super provisions only apply for super plans established after 12 September 2008, however exceptions apply.

The Modern Awards also require that voluntary member contributions be made within 28 days of the end the month in which the deduction by the employer from a member’s after-tax wages was authorised. Superannuation Guarantee contributions are still due quarterly.

Who is affected?

If your default super fund was established with OnePath before 12 September 2008:

  • It is not impacted by the Modern Award superannuation requirements, and
  • Can continue to receive Superannuation Guarantee (SG) contributions.

If your default super fund was established with OnePath after 12 September 2008:

you may be impacted by Modern Awards however if you are affected your employees can nominate your OnePath employer super plan as their chosen fund.

Employer plans contributing before 12 September 2008

If your default super fund was established with OnePath prior to 12 September 2008, it is not impacted by the Modern Award superannuation requirements because of the continuation provisions in the Modern awards. You may continue to make Superannuation Guarantee (SG) contributions for all of your current and future employees.

The continuation provisions also protect employer plans which moved to OnePath through a successor fund transfer after 12 September 2008, where the former super fund was wound up.

In other words, you do not need to do anything!

OnePath will continue to provide you with a fully featured and flexible super solution to suit your changing needs and by keeping your account with OnePath, you and your employees will continue to have access to:

  • a highly rated super solution
  • a wide range of investment funds
  • comprehensive insurance options
  • competitive fees
  • online education and transaction services

OnePath's exclusive package of health, banking and lifestyle discounts through InvestorBenefits.

Employer plans who joined OnePath after 12 September 2008

If your default super fund was established with OnePath after 12 September 2008, you may be affected by the Modern Award superannuation requirements. Firstly you need to determine if you have employees covered by Modern Awards.

Are you covered by a Modern Award?

Coverage depends on whether your employees fall into a category covered by a Modern Award.

Employers who commenced their current OnePath plan after 12 September 2008:

Modern Awards do not apply to super for employees covered by:

  • an Enterprise Agreement
  • a Collective Agreement
  • an Individual Transitional Employment Agreement (ITEA)
  • an Australian Workplace Agreement (AWA).

Additionally, no Modern Award applies to employers which are not constitutional corporations (eg sole trader) in NSW, QLD, SA, WA or TAS.

A Modern Award/s may apply to super arrangements for employees covered by:

  • a Federal Award or State Award (NAPSA)
  • a Certified Agreement*
  • a Contract of employment†

Exceptions:

  • Employees who earn above $108,300 base salary (indexed), provided they meet the statutory guaranteed earnings requirements
  • Members of a Defined Benefit plan
  • Those covered by individual 'flexibility' arrangements

* A Modern Award can apply but the Agreement prevails where the terms of the two are inconsistent (including the superannuation terms).
† Terms and conditions included in a Contract of Employment which are below those set by a Modern Award are not enforceable.

Are you impacted?

If your super arrangements are impacted by Modern Awards, the following are some actions you can take to ensure you do not get penalised:

  • Unless the employee has selected a fund under the Choice of Fund legislation, you, as the employer, must pay their Superannuation Guarantee contributions and any amount authorised as a voluntary post-tax employee contribution, to one of the following:
  • a Prescribed Superannuation Fund listed in the applicable Modern Award
  • any eligible choice superannuation fund to which you, the employer, were making superannuation contributions for the benefit of your employees before 12 September 2008.

An employee’s choice of fund will override the Modern Award.

Visit Resources to download Modern Award resources for you and your employees.

How to keep your super with OnePath

To ensure the great rates you have already negotiated with OnePath and the familiarity we have with administering your plan continues to benefit your employees, they can individually nominate OnePath as their chosen fund. Simply download a Fund Nomination Form and distribute to each of your employees.

OnePath is an eligible choice fund.

Once you've received the completed choice forms, you do not need to send it to us. You need to keep a copy of the form for your own records for a period of five years to comply with Choice of Fund legislation

What are the penalties for disobeying Modern Awards?

Failing to meet your employer obligations under the new awards could mean severe financial penalties.

In addition to paying the 9% SG to the correct fund, you could be charged SG penalty interest rates, or be liable for Modern Award financial penalties. You could be ordered to remedy the default, either by paying money into a nominated fund or by compensating the employee for the superannuation benefits they have lost as a result of the breach.

Where to get more information

Visit Resources for more information and resources for you and your employees.

To work out exactly what Modern Award, if any, applies to your employer obligations we suggest you engage lawyers or industrial relations consultants.

OnePath Custodians Pty Limited  is unable to provide legal advice.

The following contact points may assist you. OnePath Custodians Pty Limited does not accept responsibility for any inaccuracies, errors or omissions in their service or advice.

Fair Work Australia
Australian Industrial Relations Commission (AIRC)

Resources

Information for members

To work out exactly what Modern Award, if any, applies to you and your employer obligations we suggest you engage lawyers or industrial relations consultants.

OnePath Custodians Pty Limited  is unable to provide legal advice.

The following contact points may assist you. OnePath Custodians Pty Limited does not accept responsibility for any inaccuracies, errors or omissions in their service or advice.

Fair Work Australia http://www.fwa.gov.au/

Australian Industrial Relations Commission (AIRC) www.airc.gov.au/awardmod

Policy committee support

Policy Committee Kit

If your super fund has 50 or more members, superannuation legislation states that a Policy Committee must be formed - the role of which is to provide a forum for any queries from members or the employer, and to inform the Trustee of any issues.

During your plan's transition to OnePath, you will be provided with a copy of OnePath's 'Policy Committee Kit' - giving you a guide to setting up a Policy Committee, and its ongoing operation. Examples of topics covered include:

  • Function of the Policy Committee
  • How the Policy Committee is formed
  • Nomination/election procedures
  • The first meeting of the Policy Committee
  • Subsequent meetings of the Policy Committee

Additional Policy Committee Support

Along with your adviser, OnePath can offer your business the following additional Policy Committee support:

  • Ensuring the current Trustee and/or proposed Policy Committee members fully understand the workings and obligations of a Policy Committee
  • Ensuring all relevant staff are briefed adequately, and understand the main points of the Policy Committee Kit
  • Assisting with the election process, if required, and subsequent announcements to all members
  • Assisting with finalising each Policy Committee meeting agenda, and arranging attendance at all Policy Committee meetings
  • Reviewing and commenting on draft minutes prior to release
  • Addressing the Policy Committee on issues concerning the plan, and on superannuation issues generally.

Employees resources

Member Super Centre

Everything your OnePath members need is now all in one convenient place. When members visit the Member Super Centre they can:

  • Transact anytime via Account Access
    Similar to internet banking, members can view their super account online, monitor the status of transactions, download a transaction history, request a switch, and much more.
  • Interactive and online financial education
    A range of interactive learning modules designed to answer the most commonly asked questions about super - including investment choice, life insurance through super, and how much super is enough.
  • Use a range of online calculators
    Interactive tools to help members understand their super situation, and get them on the path to an active and comfortable retirement.
  • Access exclusive discounts and special offers via InvestorBenefits
    Members gain convenient online access to exclusive banking, lifestyle and entertainment discounts and special offers via InvestorBenefits.
  • Receive regular super news
    Updated news and information that's relevant to members.
  • See product and performance information
    Members can simply follow the prompts to locate all the key product and investment performance information that relates to their plan.
  • Access pre-populated online forms
    A range of commonly used super forms that will automatically populate with a member's personal details - saving time and effort.

Workplace Seminars

Workplace seminars have been designed by OnePath's investment and technical experts - allowing your employees to access even more financial information at no extra cost.

Seminars can be organised at a time that suits you and your employees. They comprise presentations and support tools to help members understand their super, and the process of investing.

If you'd like to arrange a seminar for your workplace, talk to your plan's financial adviser or your OnePath Relationship Manager.