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Super stapling came into force on 1 November 2021, effectively attaching all employees to their existing super accounts.
Previously, if a new employee did not provide their super information when starting a job, employers were able to start new accounts for them with their workplace default superannuation fund. This rule change means that employers will now need to refer to the Australian Taxation Office (ATO) for their new employee’s ‘stapled’ fund information if the employee does not nominate their preferred super.
The purpose of this change is to lower the chances of people accumulating new super accounts, and having to pay multiple fees and insurance premiums, every time they switched jobs.
How the ATO selects a stapled super fund
The ATO will select an employee’s stapled super fund based on information it holds about their membership, as reported by any super fund they are a member of.
Only eligible funds can be selected as an employee’s stapled super. To be eligible for selection, a fund must be an open retirement savings account (RSA), a complying superannuation fund, or a complying superannuation scheme in the same financial year as the stapled super fund request is made. Additionally, the employee must be a member of the fund/scheme, or holder of that RSA, when the request is made.
If an employee has multiple eligible accounts, the ATO will apply ‘tiebreaker’ rules to select the stapled super fund. These consider:
Please note, regardless of ‘tiebreaker’ rules, employees are still able to nominate their preferred fund and are encouraged to do so using a super standard choice form.
Employers, employees, and super stapling
Every time a person starts a new job, they are entitled to nominate their preferred super fund. If they do not, their employer must contact the ATO and request details of their existing/stapled super fund to pay super into.
If an employee does not nominate a super account and does not have a stapled fund, the employer can contribute into their default superannuation fund, which will then become the employee’s stapled super.
Employers must abide by this change to comply with the choice of fund rules.
Need more information?
Visit the ATO website to learn more about stapled super funds.
This article was previously prepared and published by AIA Australia Limited ABN 79 004 837 861 (AIA Australia) prior to Resolution Life’s acquisition of AIA Australia’s Superannuation & Investment life insurance business on 1 July 2023.